Of course it devalues the Omega brand, if expensive brands could improve their image by selling their copyright to cheap brands, and it be a good idea, they would all be doing it, they don't, because it's a basic business mistake. Brand protection is sacrosanct for high end watches and fashion surely??
I think this is likely where we (I'm guessing most of us here are 'older') have differing views on 'brand value' to younger people, especially those on instagram.
Expensive brands aren't necessarily 'hip' in the key sales demographics, it's more about 'brand kudos' hence why brands like supreme can sell a £10 t-shirt with a thermal transfer logo on them for £100+... you only have to look how hyped people have become over a plastic watch that likely costs about £50 at max to produce.
Swatch are using 'influencers' to buff their brand values and while we don't all necessarily see this as good for omega, I'll put money on this being a net positive for both swatch and omega on instagram and future sales from 'young money'... for the 'rich influencers' who would normally buy rolex, they might swap over to an omega now and in turn help promote them similar to the way rolex has promoted itself via social media... think about it, do you see iced out omega's, not really, but I bet within a few months we might.
In some respects you could argue this is quite clever marketing, it's just not aimed at us. Besides ,IMO, Omega is in a kind of weird place, a good watch, expensive, but not as popular with 'old money' who are looking further up the ladder at patek, ap and the likes. So ultimately swatch group needs to target a new demographic for their sales.