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You are right that based on a functional standpoint, nobody *needs* a better watch than that.
But the point of most expensive watches is not pure functionality. The additional money for most over $300 watches is for the jewelry and esoteric values. These come in the form of high-end materials, elaborate manufacture, accomplishing functions the hard way with nostalgic mechanical technology and brands of prestigious names and heritage.
So why do we spend several times as much for a watch to get these non-functional attributes? Largely because we can. These attributes add intellectual and emotional enjoyment to the ownership of an otherwise mundane everyday item that most of us carry with us virtually all the time.
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