Maybe. But the "800 pound gorilla" idiom refers to a beast that can do whatever it wants to do with impunity, and I don't see how that applies to this story either.
If I understand the author's intent correctly—and I'm not sure that I do—I think the idea is that diversity in the market is dying off, and Apple is on its way to becoming the 800 pound gorilla.
That really stinks. I don't like Apple's idea of what a smart watch should be. :(