Well, if someone would make something decent at a reasonable price, they would sell it. Sine there are only obscenely expensive crude little toys that belong in the 1970’s, people are at least buying something semi stylish.
$269 isn’t obscene even for a traditional watch. Apple managed to define the space as far as user interface and multifunction apps, rather than just fitness and health, as well as making their wrist wearable fashionable. They’re very good at that, defining whatever space they enter to the point that competitors are reduced to selling copies at a discount. The “watch” will be no different.