Same here! My problem was that even holding the button down, it would not quit connecting with another apple device i had paired with a while ago. It just ignored my holding down the button until I found out what it was synching with and turned bt off.
I think holding down the reset button only pairs if you don't already have it paired with a device close by, in which case it will ignore your reset and pairing attempts until you turn that other device off. Real complicated for only having one simple button seemingly!
When I hold down the one button it has, I really expect it to "re-pair" like other devices do and synch with what I am currently asking it to. I didn't need to "unpair" it, there just is no manual button to "re-pair" it until you turn off your old device or find out what it is pairing or attempting to pair with, and get it out of range I think.