It is. "We are not in the watch business. We are in the luxury business" - former Rolex CEO.[1] Rolex was originally a maker of working watches for rugged environments. Pilots and divers might wear one.

Today, the watch of choice for people who need accurate time is the cheap Casio G-Shock. For about US$100, you can get solar power, WWV corrections, good waterproofing, and resistance to being banged on. It doesn't need any attention. It just works. Popular with military types.

[1] https://www.businessinsider.com/why-are-rolex-watches-so-exp...