I replaced my versa with Apple Watch when the versa died. I don’t necessarily regret it, but it didn’t feel like an upgrade and came with significant downsides.
In particular, Fitbit gives far more control over notifications, especially for built-in apps like messages. Fitbit makes media controls easily accessible - on Apple Watch, they’re always moving and hard to get back to especially during a workout. My main use case is skipping podcast commercials, so not being able to do that quickly is a problem.
Battery life was much better on the versa. It also charged faster, so it would almost always be done charging after a shower, Apple Watch only sometimes is.
Tldr there is definitely room to deliver a better product than Apple’s. Whether or not Google is capable of doing that is a different question that I won’t address.