I respectfully disagree.
Like all objects, watches hold different meanings to different people. For you, it sounds like they are a social signalling mechanism - but not for everyone. For example, if you collect watches you'll appreciate many aspects of these wonderful objects. Take the Omega Speedmaster 105.003 - it's vintage, it's probably expensive, and it looks like your grandfathers watch. I could care less what it signals to others, for me - it's the watch NASA sent to the moon. It's mechanical. It's an object that I love! I wear it because it pleases me to look at it.
However, having said that - I now wear an Apple watch for a completely different reason - it's functional. It's more useful than the Omega.
Wearing a watch is not about social signalling for everyone. Some people just like watches :-)