Why did my watch reset itself this morning?

Got an unwelcome surprise this morning. After updating the IWatch software yesterday 7/24, my watch completely reset itself overnight and I had to set it up as a new watch from scratch this morning. Now I can't connect to Verizon to add my cellular plan that I have. I updated my IPhone 12 Pro max this morning, but it still won't connect. I'll have to call 800 922-0204 to see if that can be fixed. Is anyone else having this problem?