1) is health data, in a way a computer or phone just can't do. It tracks things like heartrate that a phone + heartrate strap is too convoluted for, for non-athletes. Plus it's all-day and quite accurate. My phone counts my steps in my pocket for example, but not when I'm at home or in the office. My watch can differentiate when I'm cycling to work with my phone in my jacket and detect exercise, whereas my phone may think I'm in a tram or on a motorised scooter.
2) is gamification of exercise. Closing rings, notifications, nudges, vibrations, competitions. It all demands attention and lets you 'jump in' from the wrist much easier, than an app on a phone. It's been a great extrinsic motivational tool to jump-start a change in behaviour for a few months, that can then turn into a long-term intrinsic habit.
3) freedom from the phone. You can open digital locks with the watch, pay with the watch, listen to music or podcasts, get directions on maps, make calls, send (dictated) messages, keep an eye on your mail and calendar etc. I can reliable leave my phone at home, or just leave it in my jacket when I'm visiting friends. Notifications can be set to only allow priority ones in certain settings. It's the first time in 10 years that I'm moving away from having a phone available and in-vision all the time. The Watch doesn't induce mindless scrolling and consumption in a way a phone does, and can be configured to only demand your attention for things you want it to (e.g. certain notifications).
It's definitely not quite where I'd like it to be. Things like battery life, looks, software etc, there's much to gain still. But as a form factor I'm pretty convinced I will be using this for many years to come, and getting upgrades when they become available.
First time series 6 user by the way.