There have been many, many, many, many …
… many, many, many, many …
… many threads about this.
It’s not a burn except in the most casual, imprecise, informal sense of the word.
It is not the result of heat, radiation, or any other form of energy transfer from the watch.
Rather, it’s contact dermatitis.
And it’s something that could have been caused by any bracelet.
Most likely, it’s a bacterial infection. Thoroughly clean the watch per Apple’s instructions. Before putting the watch back on, apply the thinnest possible schmear of over-the-counter antibiotic ointment (such as Neosporin). Consider not wearing the watch (or wearing it on the other wrist) until the wound heals.
The next most likely source is some sort of soap or lotion or other skincare product that’s getting trapped underneath the watch that you’re mildly allergic to. You wouldn’t be allergic enough for normal usage to be a problem, but constant close contact is. The same advice as for an infection applies, but this would be more persistent unless you avoided the problem product in the future.
Last, there’s a very small but nonzero chance that you could be allergic to the material of the watch itself. Again, this is highly unlikely, but not completely unheard of.
If the wound doesn’t heal, or if it repeatedly returns despite regularly cleaning the watch, consult a dermatologist.
Cheers,
b&