Apple invested a great sum of resources in their watch to catch up with the Android wearables. A year ago the Apple watch was announced. And although I personally prefer the round screen of the Motorola 360 or the LG watch, Apple's watch is also a nicely designed piece of technology.
May be there was nothing for Apple to catch up with Android. It is not a matter of putting the maximum technology into it. It needs to have a purpose, like iPod to play music, or the Smartphone to run multiple apps. Seems that being a fitness tracker and to show the notifications on a tiny screen isn't enough.
And I don't think the high price of Apple's watch is a problem. It doesn't help to sell more, but cheaper smart watches are not selling either.
The problem is not about what the device can do, it can do a lot of things. The real problem is that anything you want to do, you will do it better with your smartphone.
And unless somebody come up with a creative idea were watches have a serious advantage over phones, the situation in not going to change.
In the meantime they can work in making their wearables smaller, with a battery that lasts more than a day, and in making the device waterproof.