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It's mainly just the persistent use of barely-finished stamped and folded metal for the outer clasp and the fold-over security catch. As a diver's watch, a bit of bulk isn't surprising when they're going for strength & durability and have a fold-over extension in there as well. It just kind of lets the rest of the watch down in terms of finishing.
Just get it on, or put it on, a rubber strap and all's fine.
Yeah agree with all that. The clasps are always way too bulky as well and really mess with the form and finishing.