15.5.1(c) is an iPhone software update. I would not expect that to change the battery performance for your watch. I expect a Watch update soon and I expect that to have a substantial change on watch battery life for everyone.
Watch face??? Did I “miss a meeting” somewhere?
Especially with the power usage pattern of only turning the watch on for a few hours between full charges, having the battery indicator do wonky things doesn’t surprise me. Lithium ion polymer batteries have quirks that are based on the physics of the underlying technology.
The next rabbit I’d pull from my bag of tricks would be to power cycle the watch from 100% charge down to automatic shutdown at least three times. Charge it completely, run it down to no charge, rinse and repeat at least two more times.
The first power cycle ought to be quite short, only a few hours based on your experience. The second power cycle may not be much longer or different. If my hunch is right, the third cycle ought to allow much improved battery life.
If the battery life improves, it still won’t be as good as it will get. More full power cycles will stretch the battery life a bit longer, just like regular exercise helps improve your physical performance. If the power cycle doesn’t improve the battery life, that will give us a nudge towards a different approach.