You bought a spot on a speculative waiting list for a product that the manufacturer has not yet managed to finalize a production methodology. You seem confused. You bought a dream, not a physical item. It is likely the manufacturer will overcome it’s production problems... Although they have announced deliveries of the actual production units will not begin until June except for the “handbuilts” that will go out sooner.
For not having produced them, they’ve sure got a lot of them they’re showing to people in the stores ... :-) ...
Delivery for people who first ordered then will be shipped out and arrive on the 24th or maybe the 25th (that was reported today in the news). It’s the “walk-ins” that won’t get any Apple Watch until maybe June (again walkins). Online orders will be arriving continuously, everyday ... from the 24th forward.