You don't buy a $10k Rolex to tell the time any more than you will buy a Porsche 911 because you need a car;
Err, of course you dont buy a Porsche 911 because you need a car.
Its a sports car. You dont buy sports cars because you need a car. You buy them because of the fun of driving ! And the speed to get to places.
While a Rolex ... knowing the time ?!? Oh my god, how exciting. This fun is neverending !!!
You're looking at a watch as a sensible, practical purchase, and in that I agree with you. In fact, since the advent of smart phones I haven't worn a watch at all, for years.
Someone who buys a Rolex though, is essentially saying "I have so much money I don't have to be practical or sensible with every purchase. I can buy stuff just to
look good, because it looks good on me.". No it makes no sense to people like us, and I wouldn't buy a Rolex even if I had the money to waste on it. People who do, generally have the money to waste and then some. Practicality and sensible behavior have nothing at all to do with it.