out of box apple watch five will not show home screen....just some oversize letters

One thing I suggest even though it looks OK now. Go into settings then accessibility and be sure zoom is turned off. Oversize letters and what appears to be a blank seem might indicate the zoom is on.

Can you please take a photo with your iPhone of the Apple Watch and post it here please?

Go ahead and contact Apple Support regarding this situation. It sounds like you may need some additional troubleshooting.