Prior leaks had indicated that Samsung had a new version of the Galaxy Fit wearable with Bluetooth 5.1 in the works. Now, this new device in on sale in the US and India. It has a 1.1-inch color AMOLED display, can track a user's heart-rate and stress levels, and has a battery life rated for up to 21 days between charges.
https://www.notebookcheck.net/Samsung-launches-the-Galaxy-Fit2-wearable.498447.0.html
I find Mi Band 5 more of a compelling purchase than Fit 2, given endless customization options with 3rd party apps (Notify for MiBand).
This comes from a person who uses Galaxy flagship as their daily driver. To me Galaxy Fit 2 seems like a derivative of MiBand platform.
That being said, design aesthetics of Galaxy Fit 2 is far superior than that of MiBand.