I think I've finally found a solution that seems to work (at least in my case). Prior to taking the steps below, my watch would need to be charged at least twice a day.
After trying 3 different watches, setting the watch up from scratch multiple times. resetting the network settings on my iPhone, trying low power mode etc., I finally took the drastic step of completely erasing the phone and setting it up as new (did not restore from backup). So far (it's day 3), my watch has had about 65% battery at the end of the day (off charger around 5:30 AM, on charger 9:30 PM). I have an iPhone SE (2020) and AppleWatch Series 8 (non-cellular). I had the same issue with my AppleWatch Series 4 after upgrading to WatchOS 9 (that watch was traded in - which I feel silly about now).
I took screenshots of my iPhone setup before I wiped it. That made the process somewhat easier but I still missed some items/settings and am tweaking them as I find out. My phone was enrolled in my work device management but given the size of the organization (thousands of employees), if this was caused by the MDM software, there would have been other complaints. However, when I reset the phone, I did not re-enroll it, so I am not sure if that had any impact.
The one issue that I still seem to have is that the watch will sometimes not reconnect to my wifi network. I have disabled private network on both my watch and my phone but it has happened after that a couple of times. It also seems to happen if I leave and am out of range from my wifi network - the watch will sometimes not reconnect when I return and I have to connect it manually. I have now been checking if the watch is connected to wifi first thing in the morning, when I come back home or when the watch fails to unlock my Mac (get a message wifi signal too weak).
After 3 different watches, many trips to the Apple Store and multiple phone calls with Apple Support (escalated to 3 levels up), I was ready to give up on the watch. Jury is still out, but hopefully, this may have solved the issue. Hope this helps someone.