I, too, am experiencing this issue. It is with a Space Gray Aluminum 40mm Series 6. I live at sea level (basically on the beach.) My watch, after initial setup, functioned perfectly until Day 2, when the altimeter complication began to show "drift". As I am typing this, on the second story of my home at sea level, the complication reads ~425ft.
Here's the zinger. The watch knows my altitude, but isn't reporting it correctly. How do I know? If I ask Siri, "What is my altitude?", she responds to the query with the actual altitude. I have tested this on the second and first floor of my home, and the altitude Siri announces changes accordingly. It seems that the complication and compass app are not being updated with the correct information, somehow. My conclusion is that this is a software issue that can be resolved. The only thing I can do, really, is post about my experience here and hope that an Engineer sees it. Hopefully my post helped somebody.