I once read somewhere that many CEOs of Fortune 500 companies wore Timex watches, the implication being that they were there to make money, not spend it. They were not pretending that they are Edmund Hilary (Rolex), Steve McQueen (Heuer) or James Bond (Omega, usually).
I've also read that many members of the Russian government have watch collections worth many times more than their annual salary...
There is an appeal to a reliable, accurate and inexpensive watch... it is no more or less than it needs to be. It shows that you know what you need and how to get it without being ripped off. Really, EMP blasts aside, there is little downside to a Quartz watch over a mechanical movement - the mechanical watch will require servicing every few years just, as many quartz models will require battery changes.
There is also an appeal to more specialist watches. And mechanical watches have a fascination to me, the same part of my brain that loves LEGO Technic and taking things apart.