Not sure i agree, when you have a paper wallet, you have 2 pieces of paper,
one paper with a public key and one with a private key.  your saying the wallet is only the paper with the private key   
both papers make the offline wallet

I dont think you understand how this watch works, there is no private key inside, the private key is in a USB which you place in your hiding spot/safe deposit. You only use the watch dial to deposit or check balance.  So no risk of losing btc if the watch gets stolen.
As far as not supposed to show your assets, that depends from person to person, people drive lamborghinis or wear full diamond encrusted watches every day. and others wear limited edition Richard Mille watches worth over one million dollars for the world to see.  Its all very subjective where you live and what your comfortable with.
I use a paper wallet system for BTC, so i get the idea.  And i think its completely brilliant. And for a bitcoin newby that only wants to get involved and Hodl it is very cool, and i think thats why they are getting soo much press