I think the point is to have a watch that you really like. Sometimes that can mean it is expensive, but expensive is also very relative....
I guess there are also more than a few people who like to show off their wealth, but I think that resorts under "status".
Very cheap watches often tell time as acurately (or even better) than expensive watches.
So, I think the answer to your question is: "Besides looks & status there is no point" .
My Tissot is not very expensive though.