You’re partly right. I own two luxury watches (worth about $10,000 total). One of them is a Rolex. I wear one every day and yes I use it many times a day to look at the time because it’s less annoying than looking at my phone. Of course, a $10 quartz watch keeps time better. I bought these because I like what they look like, owning nice things is enjoyable, I want to support craftsmanship, and they hold value well. They’re not really a status symbol because 99% of people I interact with don’t know or care anything about watches. I would definitely be upset if they stopped being able to keep time because then I wouldn’t be able to wear them.