Can you clarify what you reset for location and privacy? And is that under iPhone settings or the watch settings? Thanks.
About privacy and Location Services in iOS, iPadOS, and watchOS - Apple Support
Learn how privacy settings and Location Services help protect your personal information on your iPhone, iPad, and Apple Watch.
If you would like to reset all of your Location Services settings to the factory default, go to Settings > General > Transfer or Reset [device], tap Reset, then tap Reset Location & Privacy. When your location and privacy settings are reset, apps will stop using your location until you grant them permission.
I just did that, hopefully the Watch battery life improves. I will report back in a day or two.