I believe I've fixed my case. My project contained both a Watch app and an iOS app. I was updating and version-bumping only the Watch app. Finally I tried updating the iOS app with the same version number as on the Watch. The next day things look correct; the Watch app didn't get reverted.
It looks like Apple has some kind of version-caching-and-matching policy. The iPhone makes the Watch run the same version.
longroad
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