I love this, and have thought of doing the same with a dumb smartwatch but... is it good opsec to have top so visible/available? What about losing the watch or getting stolen?
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There's basically no lock mechanism or security on a Pebble, but it's just a second factor.
If you have my randomly generated password, have done your intel to know I might have the TOTP on my wrist, and can physically steal my watch, you've got me beat and I'm okay with that for the convenience it provides.
We all have terrible, terrible tumbler locks on our doors because they are good enough to stop the extremely casual attempts but anywhere with unbarred windows is one rock from "unlocked" and we're generally fine with this for 99% of things.