While the only reasonable explanation for the logo change is that Google wants deeper Assistant integration, we do believe the change to Wear OS is a move by Google to try and de-associate wearables with Android. The name is called "Wear OS" and hints at a re-branding of Google's smartwatch OS. As noted by Android Headlines, there were more references to Wear OS in the beta APK, including referring to it as the "wearable service name", suggesting that a name change is incoming.
This function alerts the Android Wear users about a nearby Android Wear device to pair up with it to your current Android Wear device.
The new logo takes inspiration from Google Assistant, which serves as integration service in the Android Wear It has "W-shaped" design along with two slashes and two dots in Google colors.
Google is promoting it by the name of "Wear OS". The steps emerge as a new development towards releasing Fuchsia, forthcoming Android OS.
The most recent update to Android Wear in December 2017 brought a "Touch Lock" function for locking the screen to prevent random taps when using devices underwater, as well as improved power efficiency and compatibility with new languages. However, the company will soon come up with an official statement regarding the same and we would update you with that.