As Sam has famously said, the watch you wear is an extension of your personality. The function is not limited to telling the time. You can even treat is as a piece of jewellery, and by extension, a status symbol.
If you are already a Li Ka Shing, you don't need a "symbol" to symbolize your status. You are the status symbol, and a lesser watch brand will love to ride on your existing status symbol to enhance it's brand image. If you are a celebrity, the watch brand will even pay you to wear their watches so that your status symbol can somehow rub onto their brand by association.
By and large, consumers are doing it the reverse way. They want the status symbol of the brand to rub onto them by association, which is why they are prepared to pay the price of gold for the quality of stainless steel.
In short, if you have status like Li Ka Shing or Steve Jobs, you don't need a symbol. For commoners, you have to pay to buy yourself a status symbol.