I can't seem to find where to set the product name of my apple watch app. I do see the option Product Name, but updating it doesn't do anything. Also do not see anything in the documentation
First of all App's display name is different than Product Name.
How to change App's display name:
Find the Info.plist file that is located in your WatchKit App folder and change the key "Bundle display name" (CFBundleDisplayName).
How to change Product Name:
I am not sure why xCode does't allow to set the Product Name when creating a new WatchKit app.
If you search for "PRODUCT_NAME", you will find that the WatchKit app is using the TARGET_NAME as product name "PRODUCT_NAME = $(TARGET_NAME)" for the WatchKit app.
So you can just rename the target name.
Hope this helps.