So your basic argument is, I should buy one to make shallow, vapid (albeit probably quite pretty) idiots shag me? Ok, I'm not currently in need of any extra marital thanks, and honestly the kind of woman I'd be likely to attract just because she fancies my watch, I seriously wouldn't want to know anyway.
Now, as to perceived value for this thing. Most expensive jewellery holds its value, because it's made of something rare and there has been craftsmanship involved in creating it. I don't buy it (because I can't afford it) but I appreciate not only why its expensive, but crucially why it will remain expensive. It's an investment as much as anything else, in many cases the value will actually increase over time.
By contrast, this thing is churned out in a factory, and will be replaced in a year's time by the improved, faster more functional model and no one will want this one any more. If Apple made a $17k gold iPhone in 2007, would anyone pay even a fraction of that for it second hand now? Of course not, 2007 iPhones are barely functional compared to what became available just a few years later. Any residual interest in it would be as museum piece, a collectable curiosity and certainly not of any use. I know you can get custom iPhones covered in diamonds which is almost as stupid, but at least in those cases the diamonds themselves hold their value and can potentially be repurposed. As the article points out, there's only something like $500 worth of gold in this watch, anyone even considering paying $17k for it literally has money to throw away. We're not talking $17k for what will become an heirloom, we're talking $17k for something that's essentially disposable.