I don't think this is anything new. Wearing a watch while carrying a cell phone is certainly redundant. I went years without wearing a watch.
But as time passes, you get older and yearn for the simpler days of your youth. You remember the way your father/grandfather always wore a certain watch, etc.
There will always be some people who wear nice watches, just like there are still some (like me) who would rather write with a fountain pen than a Bic ballpoint, even though they're messy and leaky and expensive.
We drive old cars, date classy women (not girls), drink fine liquors, smoke cigars because we enjoy them noit because they're cool. Someday our kids will thnk back to us and our watches and the cycle continues...