Apple doesn't generally make products that are for 100% of the market and focuses on specific market segments that it thinks it can make a compelling product. The $800 watch actually does more than what the $1200 Garmin does once you look at all the features available and has enough battery life to cover doing a 100-mile race.

In the end, what I am arguing is that Apple provides a different set of features and provides battery life in the Ultra that covers the needs of most people going outdoors for multiple days. For everyone else, there are plenty of other options available.