I've got the same issue on an iPhone 11 on 15.6 (though issue has been around for several updates).
Audio volume decreases for ~15 seconds and then increases again. There are no visible notifications that correlate, and no audio ding/sound besides the volume being dampened.
Happens when playing via Spotify, Music or Podcasts, and with no interaction with the device. Device is usually in my pocket with bluetooth earbuds, or connected to carplay and in a cupholder.
Sometimes will happen a couple of times in a short window (like twice in 10-15 minutes), other times 45mins to an hour between events.
Only thing I can think of is an app that is generating events, but without anything showing in the notification center or it playing a sound - very hard to debug short of disabling push for all my apps and slowly re-enabling them. I've just done that for all but a handful of the apps I use the most, will see if that helps.