A while back, I would probably have been in the market for it. I like great materials, like Sapphire Glass and Titanium. Not to differentiate myself from others, but just because I like the look and feel of great materials. Up to AW 7, I've been buying the Titanium model just for that reason.
Then came along AW 8. I wanted to get one for the additional safety feature "Crash Detection".
I am simply not in the market for an AW Ultra. While it is a great product, it is simply not for me. Too big, too rugged.
The stainless steel models were not an option either. Just don't like that material.
So I went for the AW 8 base model with the aluminum case and Ion-X glass - and guess what, it's perfectly fine.
At the moment I am using an iPhone 12 Pro, and I really don't like the look and feel of that stainless steel frame. So I would love to have a different option. But considering my experience from the AW, for a future purchase, if they offered an aluminum option with the Pro features, I would rather go for that than titanium and save a few bucks.