What to do if I forgot the iphone backup password and can't reset settings to create a new encrypted password anymore

Indeed, it ought to be the case that Settings > General > Transfer or Reset > Reset > Reset All Settings should discard your backup password and allow you to set a new one. Is that not happening for you?

The other obvious option, of course, is the nuclear option of a complete Erase All Content and Settings. That will certainly work, albeit, obviously, it will take longer to recover if you don't have a good recent backup.

Indeed, it ought to be the case that Settings > General > Transfer or Reset > Reset > Reset All Settings should discard your backup password and allow you to set a new one. Is that not happening for you?

As we noted.......there are no workarounds. Sure, you can set up a new password, but that will still not allow access to the encrypted backups if the original password is not known.

Unfortunately, if you have forgotten the password for your backups, they cannot be accessed. Sorry, no workarounds here.