Apple Watch update 10.4 stuck at Preparing

I have an ultra 2 and for the latest 10.4 update it is stuck at "preparing". I have tried the following solutions -

1. Delete update data and download and install again.
2. Restarting Apple watch and iPhone.
3. Updating from watch and iPhone both.
4. I have sufficient storage for the watch as it is 64 Gb.
5. Watch is charged over 50% and connected to the charger as well.
6. iPhone is updated to ios 10.4 and has all its apps updated as well.
7. Unpair and Re-pairing my watch and phone.

Non of the solutions worked for me. Any possible solution for this?

[Re-Titled by Moderator]