It is certainly better than sending it in a courier envelope, it shows Apple cares about their/your product.
A watch strap? What harm could come to that inside a bubble-wrap envelope.
I think it shows that Apple doesn't think about their/your product.
Apple very much cares about the the holistic experience with their products, this is why they spend a long time and a lot of effort just designing the packaging.
Packaging? You realise that the cardboard box at the centre of this discussion *is* packaging? And clearly Apple hasn't spent *any* time or effort on designing it.
You know what I mean