Most people are viewing watches as functional tools.
On that basis, they're probably already pretty much redundant.
People don't buy a Rolex, AP or Omega (or any premium priced watch) just to tell the time, the reality is that it's an item of jewelry.
On that basis, while some will flaunt their expensive smart watch, the way they clamour to own the latest iteration of an iPhone, many will still want to own a name brand watch for their own pleasure or to demonstrate their success/wealth/good taste to others.
It's possible that the lower/mid-range of the market will be eroded to the point of near non-existence by smart watches, but many people will still want a 'nice watch', I suspect.
I don't wear jewelry at all (I know lots of men wear ear-rings, rings, necklaces and God knows what else), but I enjoy wearing a watch and if I think it looks good too, all the better.
But who knows...?
M