Just chiming in to say I had this issue too with my first iPhone 11 Pro 64gb. When on wifi and listening to music on my airpods, the phone would disconnect and reconnect bluetooth at random. The problem seemed to intensify if I was using the phone (browsing a web page or whatever) and always manifested itself as the bluetooth pane in Settings getting the status "unavailable" and then 3 seconds later appearing as "on" again. This happened on all bluetooth audio peripherals I tested.
Spent an excruciating time with Apple Support, who were absolutely useless in this matter, which was very surprising, given that I've had good experiences with their support before.
Then after exhausting all troubleshooting steps, having reset all settings on the phone several times, it was on to my phone carrier (where I purchased the phone) to get a replacement phone.
This turned out to be a huge pain, as of course the phone was sold out everywhere and the support team at my carrier was absolutely useless as well.
Ended up just returning the phone and buying a new iPhone 11 Pro 64gb from another carrier, thus swapping it that way around. Have had this new one for about a month now and have had no issues with the bluetooth at all, with the same bluetooth audio peripherals used with my first one.
So, in my case this definitely was due to faulty hardware (I had this confirmed with my old carrier as well, who had the phone analysed).
Shocked (or am I?) if the reason so many people are experiencing this issue, with this phone, is due to a lack in quality control within Apple.