Microsoft Teams camera on computer fails when iPhone is on!?!?

I use Microsoft Teams on my MacBook Pro as part of my work. In the past few weeks, my computer's camera has not worked for Teams. It works in every other application, such as FaceTime. It took a long time for me to discover the culprit: my iPhone!

If my iPhone is powered up, I cannot use the camera on my computer in Teams. If the iPhone is powered off, the camera on the computer works. If I am using Teams with the camera on the computer and power up my iPhone, the camera immediately turns off on the computer.

How did I even figure this out? When I try to turn on the camera in Teams on my computer, I hear a gentle beep-beep (exactly two tones). Eventually I realized that the thing beeping was my phone, not my computer.

FYI, my phone and computer are always connected to my home WiFi network. So it is understandable that they could affect each other. But why this way?

Do you have any advice on how I can use Teams and my phone at the same time?