No updates without childhood ailments, they say! This also seems to apply to Samsung’s newly released interface, One UI 5.
Koreans are reporting that many Watch 4s refuse to pair with S23 series phones after the update. But in Sweden you have little to worry about. That said, it appears this bug is only on S22 mobiles running Snapdragon and not Exynos internally.
Hopefully there will be a new update that will fix this problem.
https://www.sammobile.com/news/some-galaxy-s22-users-cannot-connect-watch-4-after-one-ui-5-0-update/