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I have one of these, a '5' and it still keeps time just fine after many years. It's a completely mechanical watch, no batteries to replace and no frills. It will likely outlive me.
Seiko 5's are great, rock solid, last forever. My dad handed down his Seiko 5 to me, it was a 1982 model, that still runs like a champ. Take that Apple Watch we'll see if you're still running in 2062.
So yeah, seems a little bit YMMV. The Apple Watch has its drawbacks and definitely has a finite lifespan with little hope of repair in the event of a failure, but it doesn't let me down in the one thing a watch is supposed to do.