They are not (yet), but target group doesn't care about raw stats, or price/performance ratios. But I love them, because they will push Garmin making even better watches, so everybody wins.
Not sure how you can say they are not competing. Anecdata but I considered a garmin vs apple watch. Biggest driver was cellular to call either my wife or 911 when kitesurfing alone (yeah I know I just shouldn’t do it) so chose the apple watch 3 when it came out. Now have an ultra and that’s really starting to catch up with some of the other features I wanted. Seen several people in the kiting community pick apple vs garmin and vice versa for a myriad of reasons.