iPhone 12 mini unpairs with Apple watch series 8 during set-up

After I pair my new Apple watch series 8 with my iPhone 12 mini and then attempt to set-up the watch, it unpairs. I've tried many times. Anyone have a solution for this?

To answer some questions in advance:

Wi-Fi and Bluetooth are on

It is not in Airplane mode

I've restarted both the phone and the watch multiple times.

Thanks.