Apple Watch Series 7 and above randomly stops connecting to iPhone 16 models

There seems to be a bug where Apple Watch Series 7 and above randomly stops connecting to iPhone 16 models. I found multiple reports here: Unable to pair Apple Watch Series 7 with … - Apple Community and on Reddit reporting the exact same problem.

I can reboot my Apple watch, and it would connect to my iPhone 16 Pro Max for a few seconds, but then suddenly lose connection. Strangely enough, my Apple Watch shows up as connected on my iPhone's bluetooth settings. My watch is already on the latest 11.5, and my iPhone is on 18.5.

I've performed factory resets on my Watch a total of 4 times. I've even forgone restoring from backup in case there is an issue with the data. The Watch would work for an indeterminate amount of time, but then the same connection issue eventually returns. Oh, and the watch I'm using now was a replacement Watch Apple sent me after I sent back my original one for the same issue.

I cannot possibly be factory resetting my Watch over and over again to resolve this issue. Apple needs to seriously look into this.

[Re-Titled by Moderator]

Original Title: Bug with iPhone 16 not fixed