Given that the IEC 60529 standard, which defines the IP rating system and test procedures, is a 207 page document, I hardly see the rating systems as a “yes” or “no” system. Like most international testing standards, it is always a qualified yes or no system. The testing for consumer products, for the same IP rating, is different than required for commercial equipment.
For consumer electronics, it is also not a permanent feature - it degrades over time, as specifically mentioned by every smart phone and tablet manufacturer who uses IP ratings.
Any comparison to watches is inappropriate, since dive watches are not tested to any IP standard. They are tested against water ingress to a set pressure standard in a hyperbaric chamber. That’s why their ratings are in sea water depth or more formally in atmospheres of pressure (so a watch rated for 300ft depth withstood 9 atm in testing). It’s a much more rigorous and testing specific standard than the IP rating standard. Expensive dive watches are often each individually pressure tested at the factory, not labeled as such based on previous tested samples (like consumer electronics are).