Agree for some folks. But then Obama immediately went for a white gold Rolex Cellini as soon as he was out of office.I think that some people genuinely don't care - it's not an affectation or a deliberate signal. They just don't care about watches and so couldn't care what they wear.
I'm sure we've all got examples, but the father of one of my old school friends is a multi-multi-millionaire. He's an engineer by training who started his own company and later sold it for a great deal of money. He owns houses in a few different cities around the world. He could easily afford multiple versions of all the watches discussed here but for the past 30 years, all I've seen him wear are cheap Casio or similar watches. He just wants something that is utilitarian and reliable and that he doesn't need to think or worry about. He's the same with cars - most of the time, he drives a Honda. Some people are just like that.