Bluetooth Toggle is not available on my iPhone 7 update 13.3

Tried disconnecting and reconnecting with my airpods and my Bluetooth suddenly became unavailable. “Bluetooth unavailable” shows in place of the toggle. I am unable to turn on Bluetooth. It is constantly showing a spinner instead of the toggle button in Settings > Bluetooth. The control centre toggle lets me turn on Bluetooth, but it automatically goes into 'off' state within a few seconds.

I have tried toggling Airplane mode and also hard reboot, upgraded my O.S from 13.2.1 to 13.3, even went ahead and reset my iPhone 7. None of them worked. I am an ardent user of the Apple Watch and I’m worried all my accumulated data for the year would be lost considering I have hit all my goals this year and I would like to finish the year on a high.

Anyone else facing this problem?

Device: iPhone 7 32gb Jet Black

current iOS: 13.3