Indeed.
I think the Watchtower position has been arrived at by two mistaken views of the Atonement.
1. Ever since the time of CT Russell, founder of the movement, the Watchtower has placed undue stress on the concept of what they term the "Ransom" theory. The term is relatively rare in NT writings, and is restricted to two contextual grids. In two texts, both referring to the same conversation by Christ, we are told that "Christ "GAVE" [not "paid"] His soul as a ransom for many." [Matt 20:28, Mar 10:45]
Protestant theologians during the Reformation, studying this aspect of Christian theology anew, concluded that the atonement was not simply a "price" that was paid since Christ was Himself this "price", neither was it a compact worked out under Divine Fiat, from whence one could, by deligently "exercising faith", work out one's own redemption. Rather, it was concluded, after logically studying the divergent threads on this subject, that Adam was not just a person who sinned and who passed this on to all. But rather since none of us could claim to have done any different were we in Adam's place, all of us deserve to die. None can say that were he/she in the original pair's shoes, they would have done differently. Hence there would have been no need for Christ to die.
Therefore, rather than each and every one of us dying, as we deserve, Jesus Christ died in our place, meaning that we don't have to die. This consequently led to the substitionary understanding of the death of Christ. Augustine, writing in Latin, hinted at this when he used the Latin "vicarious", meaning "a substitute".
2. I further think that The Wt position is compounded by an error of translation. At 1 Tim 2:5, the NWT informs us that the Man Jesus "Gave" [again not "paid"] Himself "a corresponding ransom" for all. Here the Greek "Antilutron" in the NW"T" against the united testimony of decalred scholarship, has used this espression: "Corresponding" ransom.
The "Insight" volume 2, page 736 reveals that this peculiar NWT rendering was precipitated by an understanding of what the Parkhust Greek Lexicon had to say about this word. A careful examination will however reveal that Parkhust [first published as long ago as 1845] actually shows the word to mean "CORRESPONDENT" ransom, rather than as portrayed by the writers of Wt material. Indeed, Parkhust was saying nothing contrary to Christian thinking on this issue.
But, "Corresponding" to what?
Official Watchtower Theology has always presented the view that this "corresponded" to Adam. Hence rather than the "Substitutionary" nature of the Atonement, the Wt forces the "Adam Corresponding" theory on its followers. Rather than die for us, Christ died as an equivalent of Adam, and in doing so only removed something called "Adamic" sin from us. Our individual sins, however, have still to be worked out, and worked at, by strictly applying all the talmudic regulations laid out by the Watchtower leadership.
In fact as one can detect when we study Wt material on the matter, that the Wt presses this concept, not so much as a variant on the Atonement, but rather than as an attack, warranted or otherwise, on the Deity of Christ.
Since Jesus was exactly the equivalent of Adam, then how could He be God, no?