Android Wear 2.0 made its entrance at Google I/O 2016 and already it has started the process of fragmentation of the platform. Given the way that this blights Android it isn't a promising start to the wearable platform.
The specific device not getting the update is the original Moto 360 presumably because of its weak specifications.
That's a better reason than the one's that have caused the dire state of Android's platform, but it still calls into question Google's ability to steward a platform, even one where it has attempted to control OEM excesses by being prescriptive about what they can and can't do.
Lest we forget, development of the Moto 360 was almost entirely undertaken under Google's stewardship of Motorola Mobility. So you'd expect a better run of system upgrades than the fifteen months that the 360 has managed.
With all the barriers to smartwatch adoption - including the fact that few people actually need one - raising concerns about long-term supportability doesn't boost the saleability of the Android Wear platform.
Whilst there's no real element of competition for sales between Android Wear and Apple Watch, the continued inability of Google to provide a controlled lifecycle for any of its platforms can't help but reflect well on the way that Apple manages its platforms.