They're a well known brand that's been around for ages. Since they cost a boat load of money, they're associated with wealth and success. Truth be told, there are a lot of watches that are just as good or better.
The price is pretty great. You spend all that money to buy a name. I have a Casio watch that tells time perfectly it also has a compass, barometer, thermometer and an altimeter. My watch suits me better as I love to be outside looking for another adventure. I also kayak in the ocean.... and the barometer comes in handy when I am out on the water.