Caporegime
IMO if the build quality of that casing and strap is as good as the specs inside it then for that price I can't see how anything else in that class can beat it. Considering that it's very hard to make a dive watch that doesn't look like another brand in one way or another (a Seiko diver looks like a Sub (I don't rate Subs that highly anyway)/Seamaster, for example, doesn't mean nobody should buy a Seiko!).
I've looked at a lot of watches over the last 18 months and that Fossil is quite different to many today, it is vintage in style which a lot of people like, it's the combination of hands/colours and case really. I wouldn't buy one, I already have an expensive dive watch, but I can see why someone would given the spec, movement, affordable price and limited run.
Brand.
Fossil is not and never will be considered a premium brand.
I mean if you only care about accuracy and depth then you don't need to spend hundreds and hundreds. Like you said, they all look the same pretty much so branding is a vital part of it.