Assuming Watch OS is 9.3 and iphone is iOS 16.3 then it should pair.
Force restart the watch. i.e. press and hold both the side button and Digital Crown for at least 10 seconds, then release both buttons when you see the Apple logo.
Then Force Restart the iphone
Force restart iPhone – Apple Support (UK)
Then in the iphone, Settings, General, Transfer or reset iphone, Reset, Reset network settings. Then reconnect the iPhone to Wi-Fi.
Make sure you have no VPN or VPN based adblocker in the iphone in Settings, General, VPN & Device Management.
Then reset the router to factory settings which usually involves a paperclip on a little hole.
Try again to pair the Watch.
Then I recommend reviewing the steps in the articles below
How to pair an Apple Watch with your iPhone
Click: How to pair your Apple Watch with a new iPhone - Apple Support or
Can’t pair an Apple Watch with your iPhone
Click: If you can't pair an Apple Watch with your iPhone - Apple Support or
Apple Watch not paired with your iPhone
Click: If your Apple Watch isn't connected or paired with your iPhone - Apple Support