Moonshots would be cool if they were actually aiming at the Moon, not just churning out websites only incrementally different from other websites. I do wonder how much this churn contributes to the West not being able to do any actual moonshots.

Smartwatches are not "moonshots". They shouldn't be treated as such. They could be a component of one, though, and society would benefit from components being economically stable, instead of imploding after few years. Pebble was arguably the sanest smartwatch design out there - long battery life, power-efficient screens, hackable[0]. Because they suddenly wanted to get too big too fast, the world today does not have any smartwatch of comparable quality and utility.

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[0] - not just in terms of writing watch faces; people did try to use them as medical devices[1], and they even had a protocol for attaching custom hardware that didn't go anywhere, but probably would if the company was still around

[1] - https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5018102/