iWatch only charging to 80% with optimized charging off

The first (and simplest) thing to try if something isn’t working right is to restart your Apple Watch and its paired iPhone. If necessary (device not responding), try a forced restart. Both methods can be found here:

How to restart your Apple Watch - Apple Support

Restart your iPhone - Apple Support

If that doesn't help, the next steps would be to unpair and pair your watch again and restore from the backup just created. This should result in no loss of data. It deletes all temp and corrupted files and re-indexes the file system.

Unpair and erase your Apple Watch - Apple Support

Set up your Apple Watch - Apple Support

There have been a few reports that software updates have messed with the setting and restored Optimized Charging without asking the human. Check your settings, and if necessary change the setting a few times to force saving its value again. (Change its state, so maybe turn off and save then turn on again)