On Monday evening, Apple sent out a minor update to Watch OS 9.3.1 to newer models of the Apple Watch.
The focus is on the usual bug and security fixes, of which information about the latter will be published on Apples supportsidor shortly.
If you want to install the new software, you either use the built-in update function or you start the Apple Watch app on your iPhone. There the update is available below General -> Software Update.
Note that the battery level needs to be at least 50 percent for you to install the update.