To be fair, the upgrades on the 2023 model aren't that big and the original Google Pixel Watch costs 33% less- down to $200 after an $80 discount. There are some other differences, e.g. the original has a stainless steel frame, while version 2 switched to aluminum (that made it a bit lighter, but it's 36g vs. 31g, so you might not notice).
Google has committed to 3 years of major OS updates for the original Pixel Watch and five years of patches. It launched with Wear OS 3.5 and has already received Wear OS 4 and it still has a while to go before it loses support.
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