Now, even if it worked... why on Earth would I want to project the image on an uneven surface like my arm? With all its scratches and scrapes causing discoloration in addition? Also, not all the world is Southern California, some places we have rain... and freezing temperatures... then people do weird stuff like wearing a jacket which would either be worn over the bracelet or simply cover the lens with its folds. Taking off my raincoat to check an incoming text message is a pretty final dealbreaker.
There have also been concept technologies with making the skin itself a display with implants, which seems an even worse idea.