It looks like iOS 15 causes a continuous crash/boot loop when paired with Series 0, 1 & 2 watches. Unpairing and pairing the watch with iOS 14 resolves the issue. Has anybody here seen this, too? I am seeing it with my original AppleWatch SS and another user is seeing it with Series 1. I am presuming it's a watchOS incompatibility in the comms protocol. I actually worked with Apple Support to have the watch diagnosed and it came out perfect. They sent me a refurb anyway! But the problem persists.
iOS 15 not working with watchOS 4.3.2 and 6.3
Please update to iOS 15 Seed 3, as this issue should be resolved there. (It's not a WatchConnectivity issue, btw; that's a framework used by third-party apps.) If you find that it still reproduces with Seed 3, please file Feedback!