You are correct, but it’s especially NEW Rolexes that will get the side eye, from those with “old money”; ancient ones, that have been inherited..those are okay and look different.
That way they don't have to worry about damage or theft.
Seems high end Rolex watches have become investment grade assets and people hate to scratch them up and lose appreciation and investment value on the secondary market.
To me that kind of defeats the purpose of having and wearing a world class time piece but to each their own.