Try and leave it be for a period of time to see if the update will start.
If it will not start after waiting some time (take half an hour for that) you can try and update via the watch itself instead of via the iPhone app
If your Apple Watch has watchOS 6 or later, you can install updates without your iPhone:
- Make sure that your watch is connected to Wi-Fi.
- On your watch, open the Settings app.
- Tap General > Software Update.
- Tap Install if a software update is available, then follow the onscreen instructions.
Make sure to never force restart your Apple Watch when it is updating