I tried everything mentioned on this thread and nothing worked. What worked for me was the following steps:
Shutdown Xcode.
Disconnect iPhone from your Mac.
On your iPhone, go to Developer and tap on Clear Trusted Computers.
Power down iPhone.
Power down Apple Watch.
Restart iPhone.
Restart Apple Watch.
Start up Xcode. Don't open your project just yet.
Attach phone to your Mac.
Xcode -> Windows -> Devices & Simulators.
There should be a banner across the top of the D&S window indicating that the phone and/or phone and watch is/are getting ready for development. Wait for that to complete.
When complete, open your project and run on the watch.
I hope this helps and happy coding!