I’m having this same issue and it arose as soon as iOS 17 was released.
since then if I misplace my phone in the house and try and ping it from my watch I get nothing now, both watch and phone are running latest updated firmware’s but it just doesn’t work anymore.
I can ping my watch from my phone if I need to but no longer my phone from my watch, the button indicates I’ve pushed it on the watch and turns blue for a few seconds but absolutely nada from the phone.
this has been a recurring issue on and off for people going by Google search results that go back the last good while.
so what has Apple broken now and how do we fix this so our expensive products actually work like they used to, this is getting ridiculous, something always gets messed up with every update and I’m starting to reconsider my long time apple product love of things don’t get better.