"Give me a wearable that I didn't ever have to recharge, or only needed to recharge once a month, that cost under £20, and that gave reliable notifications of calls or messages received on my phone, and instantly gave me a zoomable map - and maybe then we're talking"
Apart from the maps and data coming from what some would now call "the cloud"; that is pretty much what my pager did. I believe there were some which had graphical LCDs which could show stock price graphs so could probably show maps.
We are currently in that phase where there is a premium cost to a smart watch and it's expected to have functionality to justify that cost and also a limit to technology which can extend battery life at the size required. And we won't be solving those problems unless there can be shown to be a return on such investment.
We are really looking at technology in its formative stage and still figuring out where it can go or should go. Same too for IoT in general. There are bound to be missteps along the way until we hit that magic sweet spot of what people want at a price they are prepared to pay.
It is rare for anyone to get it right first time. Not even Apple, who have the advantage of an audience which is prepared to pay for the brand.