- skin conductivity changes over time
- the ways in which skin tone changes signal absorption (which itself changes over time)
- the ways in which different levels of fitness affect blood flow, material density etc.
You also can't use it in a hospital setting, due to how your skin and bloodflow changes during serious conditions like sepsis (though I'm guessing they're not thinking about that market).
Really smart people have been trying to use Raman spectroscopy to solve this problem for decades at this point (early patents go to early 2000s). Apple is an extremely strong hardware vendor, and I wish them luck, but I would not hold my breath for this. Plus, I'm guessing they will not open the signal up for looping, which would really leave the T*DM community out to dry.