I really wanna like Google products but so many abandoned Google projects, inconsistent ecosystem, Google privacy nightmares, poor aftermarket experience, and lack of attention to UI and UX (remember the jump from Android 11 to 12?) have made me settle on iphone and Apple’s ecosystem.
While I don't think Google will abandon Pixel phone, yeah I'd be wary of buying pixel watch for sure. For better or worse, Apple's rectangular form factor is something people have gotten used to and frankly it's more space efficient than a circle. To really make a dent in the market place, they should build a product that has a Wow factor that is good enough to lure even Apple Watch users away.
They are seriously going to need to come up with something out of the box that you mentioned to draw users. There is no wow factor at all with this thing.