If all you care about is functionality, a $50 casio with a resin casing will have more complications than most expensive watches, be hundreds of times more precise, will last you decades and you will spend less time and money in maintenance over your lifetime than you would for one revision of a mechanical watch. They're practically superior in literally every way to a $30,000 watch.
But that's not my point, I'm specifically talking about art. $200+ watches are art for its own sake, arguing on the basis of quality/reliability is nonsensical. The only things that matter is esthetics and even more importantly for mechanical watches, the appreciation for the incredible history and intricacy of a well-built movement. There is a lot of craftsmanship to be appreciated there.
And it's fine if you don't care or can't justify the expense (I don't own a mechanical watch myself though I probably will at some point), but the original meme completely disregards the artistry and craftsmanship going into expensive watches and I am trying to expose the glaring cognitive dissonance of the consensus that "quartz watches better" but "AI PFP evil". Both are responsible for the collapse of an industry, so if you think there is a meaningful moral difference there please tell me.
Here's my take: the mechanical watch industry already collapsed, and the "small commission PFP art" hasn't fully yet. We should preserve as much of these artists' livelihoods as we can to soften the blow until a new equilibrium is reached where – just like with mechanical watches – only those with a real appreciation for art or a want for a status symbol will commission a real artist for their PFP. But that's a very different discourse from what I hear which is typically "AI PFP poopoo evil, if you get one you're worse than Hitler".
Like you said, 99.9 % of people wouldn't recognize a Patek Philippe if it hit them upside the head. By definition it's not ostentatious. Rolexes are ostentatious (it's the only luxury brand most people know), but also incredibly cheap as far as mechanical watches go.
A Patek Philippe is a status symbol, but only to those very select few already in-the-know. And that is not mutually exclusive with those movements being incredible art. Is a Van Gogh ugly or evil just because some asshole bought the painting for $100.000.000? Art doesn't have to be collateral damage to your class consciousness just because rich people have more access to it.