Apple Watch unlock is imposible due to password policy on iPhone

It seems like I'lll have to return my Apple Watch, given that after working for a few hours, it decides to lock itself up. When I try to unlock it, it says that i Have to unlock the iPhone first. I do, and then, after a few seconds, when I try to unlock the watch, it tells me that due to a password policy (established by my company, I guess, since they require a long password with special characters, numbers and uppercase/lowercase characters on my iPhone), the watch needs a passcode. It asks for a passcode, but the problem is that I don't have one.. at least not a numeric password that I have associated with the watch.

If I open the Apple Watch app on the iPhone, the option to reset or establish the passcode is greyed out (presumably because of how my company policy translates into the watch security features), so I can't establish a new passcode.

I have tried resets, hard resets of both devices and full restore of the watch, but it always gets me to where I am now (locked watch at 4pm, after it worked for about 24 hours)... and the only way to make it work is a full ERASE ALL DATA in the watch.

From a fresh installation, I try to set up a new passcode for the watch before it locks itself up, and when it prompts me to enter this passcode on the watch, I try to do it, but the watch doesn't acknowledge the passcode I have chosen, and there's no options presented to me at that point.

A few minutes later, it will kind of absorb or adopt that policy and lock itself up tied to a locked iPhone.

Any smart suggestions, please?