I like the orange button, at least with the current watch color. I think it goes with the aesthetic of the Ultra and the way Apple marketed the Ultra as a more rugged, more advanced watch for outdoorsy people.
It’s not a subtle choice, but I think that was the point.
Maybe they could tone it down and make it a colored ring around the action button, similar to the way the cellular watches used to have a solid color on the Digital Crown that was changed to a color ring later.