On both my Watch 47 and my wife’s Watch 44: Incoming phone calls show up on the watch but they only show the caller’s name if the phone number in our cellphone’s Contacts has the area code formatted in parentheses. Otherwise it just shows the incoming phone number. For example a contact with the number formatted as 1-999-555-1212 does not show the caller’s name but if it change it to (999)555-1212 it does show the caller’s name.
Both phones are Pixel 4XL running Android 11. The Wyze app on both phones is 2.22.12. Watch 47 FW is 0.12.49. Watch 44 FW is 0.3.91.
Credit to @vaaish for pointing me in the right direction on this.