So much for the phone being water resistant...
One of the two camera lenses on my iPhone 8 no longer functions after the device was exposed to water. What's my recourse?
iPhone 8 Plus
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If you have AppleCare+ you use one of your two accidental damage claims to replace the device at reduced out of warranty fees. If you don’t have AppleCare+ you can replace it for the full out fo warranty cost, or buy a new device outright.
Fees are here -> iPhone Repair - Official Apple Support (change the country/region as necessary in the lower right corner).
Also see -> About splash, water, and dust resistance of iPhone 7 and later - Apple Support. Water resistance is never a guarantee that water exposure cannot nor will not cause damage.