Hello all,
I believe I have solved the issue. While I am disappointed in apple I still like their products. I believe the core issue is an app incompatibility between some third party app loaded on your iPhone that automatically gets installed on your apple watch and watch os 7.02 below are the steps to follow to hopefully get you out of boot loop ****.
1) Factory reset your apple watch
2) Select setup manually
3) Select add apps later
4) Once apple watch is ready THIS IS IMPORTANT do not press digital crown to start
5) Go into watch app select general then turn off automatic app install
6) Check that there are no thrid party apps installed on the watch is there are some make sure to remove them
7) Under the heading installed on apple watch should be blank
8) Now it is safe to press the digital crown to start your apple watch for use
I have not identified what app or apps that are causing the watch to trip into this boot loop behavior but I am convinced it is software related and not hardware. This is why I believe people who get replacement watches end up in boot loop **** again.
I have checked with two friends one with series 3 and the other series 5 watch os 6.8.3 and the other with 6.8.x and they have no issues also have very few third party apps installed from phone to watch.
Best of luck,
Eric