$700? $70,000 for a Patek Philippe Aquanaut!
I'd guess there's a very high chance someone wearing an Aquanaut is having a better time than someone wearing a $700 Tissot or a $17 Casio, less of a difference between the latter two.
It's not telling better time, it's telling of a better time.
That's very much not how it works. Musk and Trump are absolutely miserable despite having effectively infinite wealth and power. Not that either of them have the taste to wear an Aquanaut, mind.