Hi Keith,
I simply suppose that the watermark is not part of the image. Indeed, cutting of the butterfly's tail is unfortunate, but the major problem is that not enough of the insect is infocus. with all portrait style images, you absolutly need to get the eye in focus. 
Macro images like this one are, however only outstanding, if they are taken with focus stacking.
You are also wrong, if you think that Adobe needs to be more specific for their refusals. Their aim is to fill their database with high quality images so that buyers are happy. They don't give you an in depth analysis of your pictures. That would be costly, inefficient and not worth the effort, as after a while you know to interpret the refusals. It's nothing personal nor is it a critique of the artistic value of the picture.
If you are new to stock, you should consider these resources: https://helpx.adobe.com/stock/contributor/tutorials.html
Please read the contributor user manual for more information on Adobe stock contributions: https://helpx.adobe.com/stock/contributor/user-guide.html
See here for rejection reasons: https://helpx.adobe.com/stock/contributor/help/reasons-for-content-rejection.html
and especially quality and technical issues: https://helpx.adobe.com/stock/contributor/help/quality-and-technical-issues.html