I don't know how that makes sense. I would never pay 5k for a watch but I do wear shoes which costs 1300$. That doesn't make me a bad person, just that I like to spend money on shoes. I can completely understand that someone may want to spend 5k on Apple Watch.
Regarding Rolex (which I also feel are also overpriced antiques) they at least have a lasting value. They're often heirlooms passed down to children, partners, etc.
A 100 year old watch is awesome. A 200 year old Rolex will be amazing, but possible. But I just can't imagine Apple supporting a first-gen iWatch 50-200 years after release.
For someone else, a gold plated watch designed by Apple is awesome. Everyone has their own taste.