What does Wi-Fi privacy warning mean on iPhone?

I had this as well. Iphone xsmax connected to home wifi via 5ghz. It showed up, but it didn't show up on the 2.4Ghz set up. It seems I've been connected to 5Ghz setting recently and not 2.4. Not sure why.

I got rid of the warning by restarting the phone. I wonder if it's an app causing the issue and once that app is opened then it happens.

I use an VPN (although not turned on when this happened) and Lockdown Apps (turned on when this happened... always on).

I'm guessing it might have something to do with those apps? Or am I totally flailing in the dark???

When i forget the network and add it again, the warning seems to be gone for a while but comes back later. Something seems to trigger it. Also, i am not able to open certain websites when the warning is showing.

Same with me too - Home configured router, zero difference between 5Ghz Wifi and 2.4GHz wifi settings and I only see this on the 5Ghz channel.

Iphone 11 - IOS 14

Something to do with Exposure Notifications?

Restarting the phone seemed to sort it our for me too.