Apple Watch Ultra 2 setup stuck on installation phase

I’m trying to set up my Ultra Watch 2. It downloaded the software to the watch, but now I’m stuck in the installation phase. It has me putting the phone and watch next to other but it’s been in this “do loop” for 45 minutes now. My phone says “Connecting your Apple Watch. This may take a moment” and the watch is just showing a flashing image of the phone and watch. Any ideas?

[Re-Titled by Moderator]

Original Title: Ultra Watch 2 Slow To Set Up