Apple watch Ultra altimeter and floor count issues

My apple watch ultra floor count is too high, it gets to over 200 a day while I am have climbed may 2-3 floor that day. My altimeter also shows incorrect readings compared to my phone, at sea level it shows over 300m while I am 40m above sea level. I went out running 10K and got elevation gain of 650m for a route I run for years that has 65M elevation gain.

This also impact my rings as the watch thinks I am constantly moving and burning calories. Also my active calorie during running increased dramatically.

I have fully rest the watch twice, unpair and pair and setting as a new watch. Nothing helps!!

Could this be a hardware issue?

Thanks