Ping iPhone not working with WatchOS2

Hello. Since updating to WatchOS2, the "Ping iPhone" feature is not working from the watch's settings glance. When I hit the ping button, it says "Pinging iPhone" but no sound ever plays on the phone, regardless of how many times I hit it.

Every now and again, it will work as you would expect: Every time you hit the button, a sound plays on the phone, but for the most part the feature does not work.

If I reboot either the phone, or the watch, the feature will work for a while, then eventually stop again.

Is anyone else experiencing the same issue?

The Watch is paired with an iPhone 6+, with iOS 9 on it.