This article explains what the i is on Apple Watch and how to use it to pair. Instructions apply to all Apple Watch models and watchOS versions.
Where is the i icon on Apple Watch Ultra, Series 8, 7, 6, 5, 4, 3, 2? (2023 Update)
The circled i icon on an Apple Watch stands for Information. Tapping it will provide code information to manually pair your watch with your iPhone.
During the pairing process, you will see the i icon in the lower right corner of your Apple Watch.
Normally, you would tap Start Pairing on the watch to guide you through an automatic pairing. However, if the automatic process doesn’t work, tap the i icon to manually pair your iPhone and watch.