Since advent of cell phones, the reasons to wear one has changed a bit

Telling time is no longer an important one.

Others include:
1) As personal decoration to complete an outfit
2) Old habit preference of a longtime watch wearer
3) Success signaling to others
4)Personal admiration of the mechanism.

I'd say #3 is by far and away the most common reason these days.

Geography plays a big role in this as well:
In Las Vegas, you are evaluated socially more by your watch than even your car.
In the Midwest, you're seen as a strutting peacock if you're flashing your Omega.

Personally, I have lost my wedding ring more than a couple of times because I have to take it off to scrub for surgery, and watches were never practical for the same reason.
But for those wearing a watch for reason #3, I would think it would be more effective to simply get an electronic tie clip that shouts out "I'm rich!" when you press it.