Been wondering this for a while.
Some watch brands that are not known as "Swiss" brands, and not headquartered in Switzerland, still sell (or have sold in the past) watches bearing the "Swiss Made" marker on the watch. 2 brands that immediately come to mind are Bulova and Invicta, although I'm sure there are more.
I don't think Invicta or Bulova have factories in Switzerland, so what's the deal here? Obviously they could buy ETA or Sellita movements and slap "Swiss Mvmt" on the watch but to be truly Swiss Made the watch must be assembled in Switzerland pass QA in Switzerland.
So who is encasing and inspecting these watches? Are they factories that specialize in manufacturing outsourced "Swiss Made" watches?