Not really - watches are historically round because of roundrel clock faces. A square is a better form factor for literally everything else that an Apple Watch does. So it is the Apple move to shape the watch to perform best at 95% of its tasks, and a Google move to shape the watch to perform best with a subset of available watch faces.

This isn't even new. Casio etc have designed digital square watches for decades because they don't need to be round without clock arms.