Except I think very few people are impressed. I definitely have a vague negative association with people who wear watches. It's just some expensive show off fashion accessory that you have to lie about getting utility out of.
That's very true that few are impressed. 99% of people don't notice expensive watch, and for the 1% who do that sometimes lead to weird discussions. But I wouldn't say this is fashion. Actually many watch enthusiasts I know of are not people you'd call fashionable at all.