Hulu has updated its iOS app to add Apple Watch support, and no, it's not for watching TV on your wrist. No one wants to watch TV on their wrist. The app, instead, functions as a basic remote, letting you pause, turn captions on / off, and jump back 10 seconds (although in practice, that button is a bit finicky).
The app works with not just iPhone videos but will also reportedly be able to connect to Xbox One, Playstation 3, PS4, or Chromecast devices to control Hulu. On that note, there's no analogous Hulu app for Android Wear or Pebble yet.