What's Rolex got that, say, Blancpain hasn't? Brand value? Recognisability?
It's not reverse snobbery on my part
Rolex designs have never spoken to me. Also, I cannot fathom some people's disproportionate adoration for Rolex. (Why not Blancpain?)
At this price point, many companies make superb timepiece. And I prefer a watch that goes under the radar. Even if Santa gave me a Rolex, I'd feel uncomfortable wearing one because Rolex is the one brand that's most recognisably-expensive.
With one exception (a WIS friend of mine), everyone I know with a Rolex bought the brand for the wrong reason. It's to show off that they've 'made it'. They all bought the brand, not the watch. And this showiness taints Rolex for many of us.