We're obviously well into an Apple watch fashion backlash, to a point where "not obviously a smartwatch" in itself can help sell, and most of the really useful complications can present enough UI on a dot-addressable partial-face display. (By the standards of early digitals, this is luxury!) And with something like a momentarily backlit transflective LCD costing microampere-hours to run, weeks to months of battery should be achievable with careful programming.
Strictly, I don't suppose there's a reason why a hypothetical top-end model couldn't present a full-face display as at present, but with physical hands via a central holepunch, and a touchscreen integrated into the crystal as well as the usual physical controls. It seems like the best of both worlds, and I'd easily pay half a grand or more to find out, but now I'm just dreaming out loud.