I think most everyone for whom the factory reset hasn't worked, simply released the button too late. You need to let the lower button go at EXACTLY the same time the logo disappears.
For almost 2 years, I ran my versa on the original firmware because it wouldn't update, and I couldn't get the hard reset to work. Then, the screen froze with the "unlock with your phone" message.
I had this error for months, unable to reset, but I continued to wear it because it still tracked my measurements and I couldn't bring myself to toss a working device in the trash. One day, (while configuring my Galaxy Active 2, because I wasn't going to buy another Fitbit just because Fitbit wasn't supporting their product) I decided to try again, and got the same results. Then, thinking I may have let the button go too early or too late in the past, I tried several times, and counted how long the logo stayed on screen.
When I released the lower right button EXACTLY at the same time as the logo disappeared, it worked. If you're having trouble getting the hard reset to engage, you may want to go through the steps and count how long the logo stays on the screen before disappearing. Then repeat the steps and let the lower button go when that number of seconds has passed. Hard reset works, it's just insanely sensitive. Good luck. (In case you're wondering, I returned the Active 2 the next day.)
Fitbit: Do us a solid, and allow a couple seconds after that logo disappears for someone to let that button go!
