https://support.apple.com/en-us/HT205009

Activation lock may be on, which prevents it from being paired to another phone. Sounds like the owner didn't have PIN lock on though since you were able to get into it. Hopefully they don't have any credit cards activated with Apple Pay on it.

Odds are it won't connect to WiFi for you to be able to reach out to any contacts or other info also possibly stored on the device. WiFi on Apple watches works by remembering what networks the paired phone joins. With the watch on the watch screen, slide up from the bottom, then slide left to right till you can't anymore. That screen should look similar to this:



(from this support article: https://support.apple.com/en-us/HT204562)

Best path is to go to Apple with it. They may have registration information from the owner tied to the serial number. Apple can also see more information on who set up the possible activation lock detailed in the support article above.