Apple Watch Ultra wont pair to iPhone 16 Pro

My apple watch ultra randomly started disconnecting from my iphone 16 pro about a week ago. When I restart/power cycle my watch and phone at the same time, my watch would reconnect for 10-15 minutes, and then disconnect again.

I tried everything apple has listed on their website to no avail. I then tried to unpair my watch and reconnect, and now I have an expensive piece of ugly jewelry on my arm that does nothing. When I use the camera to try and pair my watch the outline turns from yellow to green, but then nothing happens after that.

If I try to pair manually, the phone displays the correct watch code, but when I click it my watch does not display a 6-digit code. Its driving me insane.

Unfortunately, I think I am going to have to factory reset my phone in order to fix my watch (which feels insanely backwards). This is also a brand new phone, so not really sure why I should have to do this. If anyone has encountered this problem, or has an alternate idea than factory resetting my phone, please let me know!