Watch looses connection and shows factory reset notification

So the title already says most of my problem, today while I was working I noticed that my G Watch R had lost connection to my phone. Nothing to spectacular as this happens not too rarely. But this time it actually showed a notification that said "Network connection lost. Factory reset required" if I would swipe to the left the watch would show a button which said factory reset on it but would do nothing. And no matter what I did I wasn't able to establish the connection anymore until I did a factory reset right now.

Btw: I just updated my watch to the latest build yesterday.

Has anyone experienced the same thing or knows where this comes from?