Is it not possible to make Apple Watch chime on the hour?

It's pretty common to have watches announce the beginning of a new time interval (say to beep every hour). Mac OS X allows users to have the system "announce the time" down to the quarter of hour.

Is there a way for Apple Watch users to do something similar?

There's currently no native way to play a chime on the hour with watchOS - well, at least not without workarounds using the Timer, Reminders, etc.

However, there are a number of 3rd party Apple Watch apps available that provide this functionality. Below are just a few:

• Little Ben
• Cuckoo Watch
• Diii

Not sure since which release (may be it was there at the time I asked this question) but there's built-in feature that chimes down to each quarter of hour — not intuitively at all you can find it under Accessibility (in Settings).