As an outsider, I don’t have anything near an official answer, but I would speculate that they’re not going to make any more, and I sincerely hope I’m wrong about that.
I wear my Watch 47 almost constantly (pretty much always except when it’s recharging), but it feels like an abandoned product because no firmware updates have been issued to fix lingering issues, and the product page has that “Final sale. Not eligible for exchange or return.” message. I really think that’s a shame, because I believe the Watch’s ability to control other devices within the Wyze ecosystem (touted on the same product page!) makes it truly unique in the marketplace and fits in with the “3 C’s” as referenced in another topic. I really like being able to launch Shortcuts from my wrist without grabbing and unlocking my phone.
I don’t have any suggestions for a possible replacement. I just hope mine will continue to last for as long as I want to keep using it.