Hello phil-likes-this,
Welcome to Apple Support Communities!
We want to help resolve the issue so you can connect to your Personal Hotspot.
Make sure you're using these steps to create the Personal Hotspot:
"Set up Personal Hotspot
- Go to Settings > Cellular > Personal Hotspot or Settings > Personal Hotspot.
- Tap the slider next to Allow Others to Join.
If you don't see the option for Personal Hotspot, contact your carrier to make sure that you can use Personal Hotspot with your plan."
This Apple Support page has the full details: How to set up a Personal Hotspot on your iPhone or iPad - Apple Support
If the issue continues, use these steps next to further isolate the issue:
"Use these steps first
Try connecting again after each step.
- Check that Personal Hotspot is turned on in Settings > Personal Hotspot. If you can't find or turn on Personal Hotspot, check that your wireless carrier enabled it and that your wireless plan supports it.
- Restart the iPhone or iPad that provides Personal Hotspot and the other device that needs to connect to Personal Hotspot.
- Make sure that you have the latest version of iOS or iPadOS.
- On the iPhone or iPad that provides Personal Hotspot, go to Settings > General > Transfer or Reset [Device] > Reset, then tap Reset Network Settings."
Explained here: If Personal Hotspot is not working on your iPhone or iPad (Wi-Fi + Cellular) - Apple Support
We hope this helps to isolate and resolve the connection related issue when using Personal Hotspot with your iPhone and Mac.
Cheers!