Thank you for the screenshot.
Bluetooth devices that you see listed below “Other Devices” are not attempting to connect to your iPad. These are Bluetooth devices that are within about 10m (30’) of your iPad that are “discoverable”. As for precisely what the devices are may be is not obvious - and they likely belong to someone else.
Unless you see a pairing request, to which you must positively respond to accept the pairing request if desired, no connection attempt to your iPad is being made. Devices that have been successfully paired with your iPad are listed under “My Devices”.
Whenever you access Bluetooth settings, your iPad will switch its Bluetooth radio to “discovery mode”. The spinning pinwheel indicates that the iPad is searching for devices that can be “discovered”.
Discovery mode will cease as soon as you exit Bluetooth settings. You cannot exit discovery mode (and the spinning pinwheel) while Bluetooth settings are open.
Think of this to be similar to the light in your refrigerator. Whenever the door is open (analogous to your opening Bluetooth settings), the refrigerator light is on (the pinwheel will spin). When you close the door, the light switches off - but you can’t see the refrigerator light is off because the door is closed 🙂