I have a Samsung Galaxy Watch 4 and it's.. alright. I mean, the software works smoothly, I don't have any complaints to make in terms of defective behavior or UI. But past the time of novelty I barely use it as a smart watch. Just a watch I charge every day and which I won't replace once the battery ages too much or it breaks. I'll go back to a regular casio at that time.
It works for checking notifications but in many cases I'll want to do something after a notification (like, if I get a message, most likely I'll want to answer it, at which point I am going back on the phone where typing is comfortable, and what value did the watch provide?)
It doesn't add anything to some of my physical activities the phone didn't do - like tracking my bike rides on a map, and when I want to look at past results I'll also be using the phone - a bigger screen is always better. Tracking my heart rate - one of the watch exclusives - hasn't changed anything to my life. Anyhow, I will always be taking my phone with me anywhere I go, so the watch feels quite redundant. It can do things without having to take my phone out of the pocket, but do them worse for the most part.
I'm sure Fossil's bad deals with Google and the rise of Samsung contributed to their ills, but I also have a feeling this is a market that will have very little user retention in the long term. People buy their first smart watch and then might not decide to get another one ever. Unless they find a way to severely ramp up the utility in a way that can convince a large amount of people.