Wealthy people DO use really expensive watches to show off, and the Apple Watch Edition serves that purpose. But for most watch buyers in the US, their watch is more of a fashion statement than a wealth statement. It's saying "Look at my great taste and sense of style." That's part of what the iPhone and MacBooks do in the US, and that's the goal of the Apple Watch here as well.
I think overall, though, the Apple Watch is failing at that goal in the US. Most people I know think it's only slightly less dorky and useless than Google Glass.