Regardless of the price ... just concerning the warning function: If there is a need / market for a buddy-line, in your opinions, why shouldn't there be one for a Buddy-Watcher?
There is a difference between a need and a market. There was a great market for pet rocks, but no one needed one. When talking about curios, it really doesn't matter that marketing has created demand where there would not be demand naturally; however, when talking about items marketed as safety devices when there is no need for the device, then a serious ethical question that good businesses really should be asking themselves is raised.
That question is this: suppose our marketing is wildly successful, and many customers begin using and trusting this device based on our marketing and not on an existing need, what is the worst thing that can happen?
I can think of a number of worst things that could happen in your situation. Let's start with you contend it will work well in and around wrecks. So how many divers are you willing to accept responsibility for per year who find themselves in the following situation. They are newer divers with poor buddy skills and are on the outside of a wreck in low visibility on a dive they are marginally qualified to do. Due to poor buddy skills, they separate from their buddy, who is now on the other side of some small obstruction. Between the two buddies is an opening into the wreck. One buddy decides to look down on his wrist and follows the beacon wtih out really looking around since the vis is bad and they're not particularly comfortable, and due to movement and positioning is led inside of the wreck in bad visibility. An entanglement or silt out happens and they die.
Entirely the fault of your product? No. But would it have happened without your product? Quite possibly it would not happen that way. Without your product the diver would be looking around and trying to find signs of the buddy rather than simply following the pointer on their wrist.
Why does a dive computer calculate what we should be able to calculate with a dive table?
When used in dive planning mode it is nothing more than a table with buttons. When used in the water it is doing things a dive table can not do, so that is simply a false analogy. A well trained diver will not rely on the computer to plan the dive on the fly. They are trained to plan the dive prior to entering the water.
Why are there parking-aid devices, avalanche victim search devices, GPS navigation systems and all that stuff if we should be trained to manage everything on our own...?
A good example here is GPS navigation. It brings something to the table that merely having a map and a compass leaves out - the ability to tie multiple systems together. Instead of having to look up a business by genre, then figure out where the nearest one is to your current location, you are able to simply sort those businesses by distance from your current location. It does something that is not possible (or at least highly time consuming) without the device.
It also allows for driving without having to stop and look at the map to verify the next turn.
In other words, it creates possibilities for the consumer that did not exist prior to the device being in the market space.
Your other examples are similar, the create the possibility to do something that would otherwise have been difficult or impossible without them. I can park well enough to merit a driver's license, but I don't want to risk parking in a particularly tight space on a busy street, due to not wanting to risk damage to my vehicle, or finding out I misjudged the distances and I spend a bunch of time holding up traffic and looking stupid. But with parking assistance, I am able to be more considerate of those around me and park a bit closer to my destination.
Your product does not offer these perks. You are not enabling something that is not possible without your device. Moreover, you are not making diving better. As was pointed out, the key point of being a buddy is awareness of what the other person is doing at all times so that you can render assistance if they get into trouble. Being able to find a lost buddy means that for some time prior to being lost, you weren't being a buddy in the first place! The danger that your device seeks to prevent is not averted; and, as has been pointed out before, it may well be increased as buddies figure the device means they don't have to pay too much attention to their partner.