Just because an EULA is well written, doesn't mean that more than %0.1 of their customers will still read it. If they put this document inside their EULA, nobody will still read it, and I would argue it's more hidden than a EULA because you have to think about looking it up on the internet. If people look it up, they will do it after their watch breaks, and by then it's too late.

They also don't disclose that they have water damage carve outs, which shows they know their water resistance wears out quickly enough that they need the carve out for financial reasons.

"Swim proof" the watch is not. Apple's advertising, whats in the box & paper manual, what copy is shown on the store, and what text that shows up on the watch when you set it up does not warn of any of this.

Also go ask a cross section of the population what water resistant to 50 meters means and they probably will give you the more common understanding of waterproof.