Hi
I am facing the same issue. I tried contacting Apple support in phone and also by visiting my nearest Apple store genius support. They do not offer any diagnosis for free but will be charged 299$ + Shipping to tell me what’s the problem.
This issue started for me when my watch ran out of charge and prompted me to “Turn On” Power reserve. After getting access to my charger (apple watch magnetic charger cable) I had left the watch and waited for it to charge. I tried to power it back on after a few hours and also after a few days, it never came back on and was struck in power reserve screen.
After two weeks the power reserve screen got replaced with the screen that prompts you to charge(Red lightning bolt ⚡️ ). It never charged after that day I had put my watch to power reserve.
So, Apple did release a document on their support site where it was describing the same problem I just mentioned above and it looks similar to the issue you and me are experiencing. When I contacted Apple support they rejected to take the watch under free repair or for a diagnosis citing that my watch was running an updated OS version and it does not qualify for any of the repair mentioned in this document.
Please go through this document:
https://support.apple.com/en-us/HT212180
If you find out your watch is running 7.2 or 7.3 contact support and mention this article.
What surprises me is the apple store genius support didn’t mention this until I showed them.
It is very unfortunate and weird that my watch is not charging and they don’t even offer any free diagnosis to identify the issue. I own quite a few apple products over the last 5 years and this is first time a product of Apple just died on me all of a sudden and no support for it without an exorbitant cost attached with it.
Good Luck 🤞🏽