They did [1]. The color version is not yet available (first unit should be shipped in May), but the black and white ones were here since 2012. They actually got a wave of preorders right after Apple Watch was shown in March.
Based on the back and white version, it indeed is not as nice looking, but I like that it comes as a watch that has smart functionality rather the other way around. And it lasts for 7 days.
Can't comment much on the Pebble Time, but the color display actually looks quite nice, it is always on and still last for a week on a single charge.
It's actually not e-ink, they call it e-paper, but it actually is a memory LCD.
That said, it addresses the problem OP mentioned, which is ability to display content all the time. The color version has only 64 colors but this is something I'm wiling to sacrifice in order to have longer battery life, continuous time display and ability seeing the contents in the sun.
What puzzles me is why nobody else is doing the same.
Based on the back and white version, it indeed is not as nice looking, but I like that it comes as a watch that has smart functionality rather the other way around. And it lasts for 7 days.
Can't comment much on the Pebble Time, but the color display actually looks quite nice, it is always on and still last for a week on a single charge.
[1] https://www.youtube.com/watch?v=IU5zFGkP2Uw