That's very unfortunate. How much of Pebble relies on some online service? Is it still possible to install apps/updates without their infrastructure?
For companies that don't open source their stuff by default, it would be so nice if there was some kind of escrow service where upon dissolution of the company (sale, bankruptcy, etc) the required software to keep their hardware going would be released. I suspect the problem is while it's a win for consumers, not enough would care: the mass market is not going to only buy products that have this escrow service, and at the same time, it's handcuffs for the business, likely complicating a sale or liquidation of the company, and possibly turning investors off.
I hope the Pebble doesn't become a complete wristbrick, but it's always a shame to see perfectly good hardware crippled because there's no longer a piece of software running entirely outside the consumer's control.