Hi, deggie; yes, this appears to be a Verizon issue, but whether it is a network problem, a baseband firmware problem or carrier settings isn’t clear. It might even be hardware, because the cellular radio modem in the 12 is a new design that supports 5G, and isn’t like any other cellular modem in use in other iPhone models.
For users with the problem, there are a couple of things to try:
- Make sure the phone is not in Airplane mode
- Update your carrier settings: Go to Settings/General/About and wait for a couple of minutes; if there is an update you will be prompted to install it
- Restore your phone using your computer; use iTunes on all Windows PCs and Macs running an OS older than Catalina; use Finder on Catalina and Big Sur (10.15 and 10.16)
The restore using a computer reinstalls and/or updates the baseband firmware; updating over the air does not.
BTW, this has been discussed in this thread, but unless you read all of it you will miss these troubleshooting steps.