Have this issue too with my Ultra 2. Only when doing running workouts, strangely. Cycling, strength workouts, rowing, no issues.
First few minutes completely absurdly high HR readings no matter how tight or loose I wear the watch. I seldom see the problem as 99% of my runs are with an extra HR belt.
German magazine "mac&i" (well respected magazine) reported on issues with the Ultra 1 last year:
Manche der 1000-Euro-Smartwatches messen die Herzfrequenz nicht zuverlässig am Handgelenk, bei der Aufzeichnung gibt es massive Aussetzer.
www.heise.de
They had four Ultra 1 watches and two of them showed faulty measurements independent who of the journalists wore which watch.