Probably the closest to what people wanted was Mi Band - a bit too simplistic, but close enough. And this opinion is shared by many of people I know.
In order to create a successful fitness tracker, create a device with:
-distance tracker
-steps tracker
-waterproof (good enough to swim in swimming pool)
-mobile phone notifications, alarms
-no screen needed or extremely simplistic screen is OK
-battery live of at least 7days
-heart rate monitor (do not need to be constant)
-good software, small size
-make it look simple - let users decide on adding bits to it
-sleep tracker that works and learns
-use phone and app for making most of the calculation to save battery
-the price of $49
This tool would kill the market. As of now, Mi Band is closest, but their software/app is bad and there are some issues with hardware and customisation.