Maybe this will help - The keystrokes are: Update Apple ID Settings > Continue > [Enter Apple ID Password ] > [Enter iPhone Passcode ]. Next is a screen which says "Approve This iPhone" and an endless spinning wheel of death and "Waiting for approval" with the message "Go to one of your other devices signed into iCloud to approve this iPhone."
There is no other device, other than my PC running the iCloud App, but that app has no approval options.
So this doesn't seem to be a Verification Code issue - none of those items apply to this situation and where I have had Verification Codes pop-up I've had no trouble getting those from the non iCloud devices and entering them successfully on the new iPhone:
"Use the code displayed on your trusted device." See above - this isn't one of the options - I wish it were and don't understand why it isn't.
"Get a text or phone call." Same - the new device asks for Apple ID PW, but doesn't ask for a Verification Code. Instead, it asks for approval on another iCloud device. I don't have another iCloud device unless the PC running iCloud counts, but that has no approval option.
"Get a code from Settings on your trusted device." This doesn't apply. These options generate a Verification Code on the new device for entry on another device. I don't have another device.