Yeah, there are a bunch of crappy "let's see how much we can pack into this for under $20" smartwatches coming from companies in SZ. Most have terrible UI, terrible battery life nad terrible apps on phone side.
However I think that brands focused on quality will emerge. Xiaomi for example don't make the cheapest gadgets but instead focus on quality. If they decide that there is a market for pebble-like smartwatch, I'm certain they would execute well.
Similar to how OrangePI leverage Raspberry Pi situations.
It becomes race to the bottom ($5-10 pi zero) and no one can make $ in the market in both short and long term.
There seem to be a lot of sub $20 watch base on following links - not sure how good/bad are they.
https://www.alibaba.com/trade/search?fsb=y&IndexArea=product...