Sometimes switching app versions can cause the watch app to start crashing, especially when installed through TestFlight.
Reinstalling the watch app should fix this! The main Gyroscope app does not need to be removed or reinstalled.
In the "Watch" phone app, toggle it on and off and it will reinstall it on your watch cleanly. (See screenshots below for an example)
Then open Gyroscope on your Apple Watch and it should boot up smoothly!