I contacted the manufacturer and this problem is apparently only an issue with iPhone 12. The Bluetooth speaker can connect to several other devices, but not the iPhone 12.
I have done everything you asked. Verified that it connects to other devices, updated my iPhone 12, verified it wasn’t conn eyed to any other devices when I tried connecting, contacted the manufacturer which stated that they have received several calls re: the iPhone 12 and that it seems to be a glitch with the iPhone 12.
matter of fact, I tried to connect to another Bluetooth speaker and didn’t let me pair that one either. Through the years I have used Bluetooth speakers with other versions of iPhones, so this is not new to me and it is clear now that this is a glitch in the iPhone 12.
If you are experiencing this issue, please join the conversation and express your concerns, and if enough of us share them, perhaps apple will take action and fix this issue.