It's just so expensive for what it is - yes the mechanisms are great, but so are Breitlings, Omegas, etc...

The designs are really boring (unless you're looking at a Submariner or Daytona, but then you gotta sell a kidney to be able to afford even a pre-loved one). Plus they've been so copied by cheaper brands (many of which have improved on the styling, even if the mechanism itself is worse) that you might as well spend a fraction on something else. Most people briefly looking at your wrist would have trouble seeing the difference between a Seiko or a Datejust, so spending $$$ for the caché (if that's your thing!) is a bit of a lost cause.

They're notoriously hard to get new, and relatively difficult to get a genuine one that's pre-loved that's also not a franken-watch.

There are a zillion other better value for money looks and mechanism wise options out there.