MacRumors published a story that Apple has released the second beta of watchOS 7.1 to registered developers.

Apple Seeds Second Beta of watchOS 7.1 to Developers

Apple today seeded the first beta of an upcoming watchOS 7.1 update to developers for testing purposes, two weeks after seeding the first beta and a little over two weeks after releasing the watchOS 7 update. To install the ‌watchOS 7‌ beta, developers need to download the proper configuration profile from the Apple Developer Center. 

Apple Seeds Second Beta of watchOS 7.1 to Developers