Is there some angle from the business side I'm missing here?
It sends the message that the Apple Watch Ultra is robust enough for diving, which is pretty cool and makes it a more attractive product even if you don't dive.
We see this in all kinds of products, right? Among watch collectors, 200M diver style watches (from the Casio MDV106 all the way up to Rolex Submariners and beyond) are probably the most popular single style.
We see it in autos, with people buying vehicles with rugged capabilities they don't need. Or in shoes, with people buying athletic shoes for activities they don't partake in. A laptop with more CPU and RAM than they probably need. Etc.
From a purely logical standpoint this is silly, of course. And for some kinds of products like autos this level of excess is deeply wasteful.
However, I think what people are really buying is peace of mind and we all engage in this to some extent! It's simply nice to have a bit of gear so robust you don't have to worry about it!