The newer Fenixes are a lot more elegant looking. If you paired it with one of those steel-link straps I don't see why it wouldn't look great with a suit.
Ummm... and Apple Watches are the epitome of high fashion? I don't think this is a strong argument when directly comparing these two things. Fwiw, I have met quite a few watch enthusiasts who wear a mechanical watch on one wrist and an Apple Watch on the other. This seems natural, honestly, since the primary function of an Apple Watch is definitely not to tell time.