Lets face it, the Raspberry Pi uses a stacked CPU+memory chip which was already "mature" (i.e. old) when the Pi came out, as it had been used in phones for some time before.
It does strike me that there is a lot of passives on that watch board. You would think that at least some of them could themselves be baked into the chips themselves. You are never going to totally get around that of course, but it could have made that particular designer's job a lot easier.