I hope so. Theyve already got scary implications for creative parts of the economy.
That said, we're in the Cambrian explosion of the tech. As it plateaus, the next step will be enhanced tooling and convenience around it. Better inputs than just text, better, more applications in new spaces, etc.
I have a gwatch 4 and the hardware is fine. The flaw is Google's half-assed android fork WearOS, and then the layer of Samsung software that somehow makes it worse.
You could have infinite memory and processor in there and it wouldn't solve the jank.