Really expensive timepieces should have gone out with the quartz watches that came in during the 80s. They haven't because some of the rich and powerful use an inferior technology (from a timekeeping perspective) to show how successful they are.

While hackers may just use their phones it is unusual to see a wealthy banker, talent agent or lawyer without a nice watch. I would assume it is more prevalent in jobs that require a lot of signaling for negotiation.