This is, to me, confusing a few different things.
Of course designers and engineers are all influenced, even heavily, by other’s works. That’s true in a range of disciplines. And moreover, certain products - like chairs, and watches - are similar in form as a necessity of their use case (watches, like chairs, are going to share a lot of fundamental forms and functions as inherent to their uses).
But from the above, one shouldn’t just generalize that therefore all “copying” should be acceptable or encouraged.
When Vanilla Ice used Queen’s Under Pressure to create a heavily influenced song that rode the coattails of the latter’s musicality, it is different from a band named “Steinhart” putting out its own recording of Under Pressure using different musicians.
Which distinction focuses back toward the real question at hand: is a “tribute” band different from an “homage” watch, in terms of social acceptability - and if so, why?
To me, in terms of social acceptability, a “tribute” band is far more acceptable than an “homage” watch, for a number of (to me) compelling reasons.