They could call it Category A, B, C, and D for all it actually matters.
Nope. It's a device. Presumably much of the technology in the now 'obsolete' Apple Watch is still in use in more recent models.
In your analogy that would be like Apple declaring the Smartwatch category obsolete, which they have not done.
You cans till right now use a model year 4000BCE wheel if you want to and if it suits your purpose. You decide when your property is no longer useful to you. That is not the case with the apple watch, or with a plethora of other devices out there. The device belongs to the company that made it, not to its supposed owner, if the owner has no say in when it becomes useless.