No it wasn't. It was an iPod people chose to wear as a watch because of the lock screen faces.
This is not the same thing with just a loop around it. It's a whole new reboot of the idea with a better screen, better touchscreen, better controls, dictation, sensors, etc.
It's not made to be affordable, it's going head to head with not only other smart watches, but after the crowd that generally buy ~$500 watches.
I would debate "better".
iPod -
Didn't need iPhone to work
Battery lasted a long time
Screen good enough to see watch face, I don't need to watch movies on my watch.
Yes, it has Siri and other sensors but it's many ayers newer then the iPod. Who knows what the iPod could have been if they just focused on that. Oh, I know, it would have been the apple watch but cheaper.