I just got a new Ultra-2 and can't do the precision finding thing with an iphone13 pro max.
Versions: 17.2.1 (21C66) on the phone, and 10.2 (21S364) on the watch.
The top sales page on apple.com says this is supported (in the miles of fine print):
23: Requires an iPhone and Apple Watch with second-generation Ultra Wideband chip. Ultra Wideband availability varies by region.
The ultra wideband page (Ultra Wideband availability - Apple Support ) says:
"Ultra Wideband is available on iPhone 11 models
and later, excluding iPhone SE (2nd and 3rd generation). Ultra Wideband
isn't available in all countries or regions and is subject to
international regulatory requirements that require it to be turned off
in certain locations."
3rd party sites also parrot this saying precision finding has been available since iphone 11 with airtags and the new uwb-2 chip in the ultra-2 lets it do the precision finding to find the phone.
Apple Support's best suggestion: "submit feedback" (my feedback will be 'remove fraudulent advertising' if I go that route).
I realize (now) you can read fine print #23 w/o the oxford comma as "Requires (an iPhone and Apple Watch) with second-generation Ultra Wideband chip.". Claiming the feature for their flagship phone and flagship watch on their main sales page for the watch then trying to claw it back after purchase is probably not what they intended, and it sounds like it worked as advertised with WatchOS 9 so perhaps this is just a bug with 10 that hasn't made it to the support folks?