Nothing--duplicate functionality on my wrist. That's useful for me a lot: motorcycling, fishing, kayaking when I want my phone in a dry bag, silent notifications.
The ease of accessing a voice assistant is nice--I double click a watch button to set reminders/timers/alarms. It's a shame the VA is bixby, but mostly it gets the job done.
You've answered far more of my questions than you know! I appreciate the answer - and am now contemplating a smart watch. I'd want something tiny, and waterproof, with an analogue face.