No probably about it.
Mechanical watches lose 10-15 secs per day which declines as they get older or aren’t serviced, a $40 Casio might miss 30 secs per month, never needs servicing other than a battery change.
Mechanical watches are no longer utility items, they are fashion items that happen to tell time.
What’s the downside for them? They either win big or things stay roughly the same and they might pay some extra tax but not much. No one (of them) is losing their bulk of their wealth or their freedom. Might as well roll the dice.