There are still plenty of features that will require pulling out your iPhone, including directions and Uber hailing. You can use Apple Maps and other navigation apps for that, though, and this arguably makes the Apple Watch considerably more useful for commuters who don’t drive.
Transit doesn’t necessarily herald a resurgence of Apple Watch apps. Many early apps disappeared in part because they weren’t very useful. Do you really need to check your Instagram feed on your wrist? It does represent renewed confidence, though, and it shows just how much the Apple Watch has matured as a platform in the four years since its arrival.