Hello gs-US,
Thank you for posting in the Apple Support Communities and for reviewing the related article linked above. We're sorry to see that you're experiencing an issue with your Apple Watch speaker, and we'd like to help.
First, you mentioned that your Apple Watch is updated. Is your paired iPhone also fully up-to-date? We ask because keeping both devices fully updated ensures app and feature compatibility. Fixes are also included with each new update. If an update is available for your iPhone, please be sure to back up your data to iCloud or to a computer.
How to back up your iPhone, iPad, and iPod touch
Update your iPhone, iPad, or iPod touch
Next, try cleaning your Apple Watch with a lint-free, microfiber cloth.
How to clean your Apple Watch
From there, check to see that Silent Mode isn't on. To do this, swipe up from the bottom of your watch face to open Control Center. Silent Mode is indicated with the bell icon. Check out the section "Mute your Apple Watch" here for a visual guide:
Change the audio and notification settings on your Apple Watch
We hope this information is useful. Kind regards.