The Apple Watch simply does too much. It is essentially a small iPhone, incredibly capable of a mind-bendingly wide range of tasks. This flexibility is part of its charm, its appeal. But it is also necessarily a profound stumbling block for more specialized roles. It makes sense for their first product in this area to be flexible and adaptable, but now six years on can’t it spread out a bit?
I feel like there were rumors of a more fitness band-style Apple Watch in the works just a few years ago, but that never came to pass. I do agree with Underscore that it probably is time for Apple to expand the types of Apple Watch that they sell.
We see every quarter how many Apple Watch buyers are first-time owners, so there's plenty of growth to be had in this space, and I would suspect that having more than 4 versions of the same general product could help them expand that even further. My wife, for example, would instantly buy an Apple Watch that only did fitness tracking and gave her notifications on her wrist, the rest of the watch is superfluous. If that trimming of the fat also meant better battery life, that would be a cherry on top.