I'm not sure if I missed "dumb" or it was edited in shortly afterward, but either way that's comparing apples and oranges.
Compared to the existing precedent of smart watch prices, Apple's watch is $100 more expensive than the next highest priced model. This is, of course, what Apple does with all of their hardware, but whether it's unsurprising or not it's still a factual and relevant point to make.
The basic Pebble is $150. The premium Pebble Steel is $250. The Apple Watch starts at $350; you can bet that the premium models will be well north of that.