Ultra 3 Black paint chipping?

I recently upgraded from the Apple Watch Ultra to the Ultra 3, and at the same time, went from the silver/standard finish to the black finish.

However, over the last week, I've noticed that the lower lip of the bezel, which is quite "sharp" in this watch's design, has had some of the black finish come off.

I do not believe these are scratches or related to anything I have done. I haven't DONE anything to speak of (despite being an Ultra 3, I don't BASE jump, scuba to the bottom of the ocean, and I haven't wrestled a shark in decades).

In the few short weeks that I've had the watch, I'm certain that I've not knocked it, or done anything that could have resulted in this (growing) apparent flaking of the finish.

It's difficult to capture in a photo, but, the attached images does a pretty good job.

Yes, I have AppleCare, but I'm more interested in knowing if others are experiencing this, as simply replacing it with another black finish watch wouldn't make much sense if so.