Eyecrispy, I have had the exact same experience even on the same day. I just reset my Apple Watch and iPhone SE and installed them without using backups. My feeling tells me it did not solve my problem..but I give it a day. The only difference is that after a few hours after installing the Phone my Watch showed a black screen and didn't respond anymore. Did a hard reset and after that the troubles began
This morning I had contact with Apple and they haven't seen this issue before. When resetting both watch and phone does not solve the issue I have to bring it to Apple and they will have a look at it.
Hopefully it will be solved soon.
René