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I think it's more to do with the fact that homage's actually use their own brand name (Steinhart, CW etc etc). Fakes try to ape the brand with either a straight rip off (ie Rolex copy) or with a joke brand name (ie Bolex).
To me, that's the distinction. It has nothing to do with the origin of the product.
Soul
ChainBreaker
The whole "homage" thing with watches is basically a form of xenophobia. If its made in Germany or England, its a homage. If its made in China or India its a fake.