Fossil has commented on the fate of the Gen 5 and Gen 5E, its most recent Wear OS smartwatches. The company has confirmed a Gen 6 model is due soon with the latest version of Wear OS, albeit only as a premium smartwatch.
https://www.notebookcheck.net/Fossil-comments-on-Gen-5-and-Gen-5E-software-support-Gen-6-to-arrive-as-a-premium-smartwatch-with-Google-s-new-Wear-OS-platform.544032.0.html