Set-up my stainless steel watch as a new watch... it shows as aluminum. Called Apple tech support. This is a known issue. They confirmed I have stainless steel. There is no current fix. The agent said it’s an iOS 14 issue.
If you are restoring from your old watch’s backup created when you unpaired your old watch, I suggest you turn off your iPhone and new watch and then turn them back on and restart the setup process. I was not able to restore from the old watch’s back up without taking this step.