Buletooth peering not working anymore between IPhone 11 Pro Max and MacBook Pro after latest updates

AirDrop / Bluetooth have been working for years but not anymore between IPhone 11 Pro Max and MacBook Pro . Any other device Bluetooth peering works with each one of IPhone or MacBook.

IPhone is in iOS 17.2.1 version and MacBook Pro is MacOS Sonoma.

Peering from MacBook seems to work then bounces back.

Peering from IPhone fails with various messages, from timeout to MacBook unsupported.