I have an Instinct 2 that cost me under $200 new, goes 2+ weeks between charges, and handles all activities I throw at it quite well.
I agree: their launching of a subscription service is disappointing, because (1) it was wonderful having a no-recurring-cost ecosystem before, and (2) presumably that's where they'll be investing their product dollars. But, it's not required, and to date, it's not particularly high value.
The new Pebble is very similar to the Coros Pace but without the GPS but with hackability and that makes me very interested.
Yeah... I bought an Instinct 2S hoping it would scratch the same itch as Pebble, but the UX is really awful.
The Pebble OS UX is really something special because it's so... obviously correct. Vertical menus just a few layers deep. You can set shortcuts on long-press but they aren't required to do the basic functions. It boggles my mind that Garmin cannot make an interface that doesn't require a lot of memorization in remembering all the right buttons to press/hold.
There's still a strong market for dumb watches too, so a long-lasting "smart" device that does some things but not as much as an Apple Watch, Garmin, Coros, etc while still serving as a general information displaying wearable sounded enticing. Unfortunately Apple's lockdown of the iPhone for the previous Pebbles (which I think might still be a thing) and my need for fitness tracking are what prevented me from buying a Pebble.