The bracelets are easily the nicest 3rd party ones so far. But either the lead time is too long, or there simply aren't as many SS Apple Watch owners out there as we'd like to believe.
In NYC, as soon as something new from Apple hits, the streets are crawling with early adopters. With the launch issues of the Watch, it took a little longer than usual, but now I see people with the watch every day. But 99% of them have the Sport...not a bracelet maker's target audience.
So if Apple has sold 2 million watches combined, and NYC sightings are any kind of barometer, then maybe there are only about 20,000 people with the steel watch.
If you can get all 20,000 of them to buy your bracelet, great. But you can't. My guess is a lot of the people who spent nearly double on the steel version also had enough disposable income to spring for Apple's bracelet. That leaves you with maybe 10,000 potential customers. But you won't get all of that business either.
If you did, at $100 a pop, 10,000 units is $1 million gross. Not bad for a few months' work for a couple of guys, as long as staff is small and production/shipping costs are low. But you gotta get this stuff to market sooner than later, or you will lose the momentum of the eager owner of a shiny toy who wants all the accessories.