[iMore Question]

Is there an analog for Activation Lock on Apple Watch? If not, what would prevent someone from performing an on device erase (HT204567) with a stolen unit and then pairing with a new iPhone?

[Just_Me_D]

I assume you meant iCloud activation lock. Anyway, unless Apple hasn't updated it's website, the following is still in effect.

Activation Lock works only with iPhone, iPad, or iPod touch devices using iOS 7 or later.

Source: https://support.apple.com/en-us/HT201365