3. Obligatory XKCD reference. Seriously - this. I've got a phone with accurate time that can be in my hand in 2 seconds, one-handed. It's barely less convenient than a watch, especially a dumbwatch on which I either have to press a button, invoke Siri or strike a mail-order-catalog "I am now looking at my watch" pose to get the display to turn on.
Personally (and I've believed this for a lot longer than smart watches have been a "thing") I think there's something to be said for reducing life's little annoyances. Reducing the keys on my keyring, for instance, made a small but noticeable change in my daily routine. I had to re-key some locks in and around my house, but I think it paid long-term dividends. When I moved to a new house, I went to a simple keypad entry system (without IoT) and now I only have to carry the key fob to my car. It made me happy.
So yeah, pulling the phone out of my pocket isn't that hard. But I do it many times a day, so even a small improvement pays dividends for me. And looking at my watch is a lot easier than pulling my phone out of my pocket while I'm sitting down.
Is it worth hundreds of dollars? That's a subjective personal question that everyone will have to consider for themselves. For me, on a quest to reduce the annoyances in life, the answer was a clear "yes".