Work-around found:
I could only solve this issue by creating a WatchApp together with a (dummy) iOS companion app. I guess this must be a bug in Xcode.
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I found out that the issues is related to the Watch App Widget Extension. If I’m building the app without the Widget Extension, I’m able to install the app.
I'm using the default setting when creating and activating the Widget Extension (don't include Configuration App Intent and activate Widget Extension scheme).