Connection with indoor cycling bike does not work anymore

My FR965 refuses to connect to my Schwinn 800IC indoor cycling bike. I had the bike connected before, so I was able to start a connection but after updating to 22.22 it lost the connections every 5 minutes or so. Then I removed the sensor from the list of connected sensors hoping that adding the bike again would fix the problem But now my FR965 cannot find the bike sensor anymore

Does this relate to EU regulatory rules they are moving away from the unencrypted BLE connections. Or the watch needs to display a dialog that “the connection may not be secure” ?

For me it looks like a bug in the firmware.