Watches are now roughly in the same spot as phones - form factory is largely complete and each new version is a small iteration over previous generation, with changes that most people don’t care about.

That being said - feature I LOVE added recently-ish that made really happy I’ve upgraded my many years old garmin was a flashlight (proper one, not screen brightness). It seemed like a gimmick but it’s now one of most used features on my watch - walking dog at night, looking for kids toys under the bed, fixing things around the house, looking for things in the bag, etc.