Well they could patent the band charging system.
Of course my guess is only a guess. It might even be later on for a iphone-free capability to make phone calls without the iphone. Dunno.
If it could make phone calls without an Iphone in your pocket, it might have a point - a reason for living!
They'd first have to license the watch band connection system from Apple. An Australian watch expert was commenting that he was absolutely floored that in the over 100 years of wristwatch history no one had come up with such an elegant interchangeable strap/watch and connection system as Apple's design for the watch industry to standardize on instead of the breakable spring pin system, which accounted for more lost watches than any other cause!