This can happen if the Watch stops getting the heart-rate/GPS data needed for the estimate.
Check these first:
- Health ->Profile -> Devices -> Apple Watch ->Privacy Settings ->Fitness Tracking = ON.
- Watch app ->Privacy ->Heart Rate = ON.
- Make sure Location Services and Motion Calibration & Distance are ON.
- Try a 20-minute Outdoor Walk or Outdoor Run with a good GPS signal and the Watch fitted snugly. Apple says this helps recalibrate the Watch.
- Then check Health ->Browse ->Heart -> Cardio Fitness.
Apple says Cardio Fitness estimates require an Outdoor Walk, Outdoor Run, or Hiking workout and can take several workouts before an estimate appears.
If it stopped completely on September 19 despite everything working normally, I'd also restart both devices and check for any pending software update.
More info: Apple – Track your cardio fitness levels