I did swim with a snk809 and did multiple small dives (3-4m) with a digital Casio, both labeled to resist 30m. No issues whatsoever. If the watch is under 5 years of age i think most of us can’t dive to a depth that would damage them.
I know a guy that regularly swims with a Speedmaster (older model), so I think most of us are exaggerating with depth rating. We should just be careful to have the crown screwed / pushed, consider gasket age after 5+ years, and enjoy our watches without fear.
Watch brands also want to be safe and usually put a lower rating on a watch, even if it can do more.