Hi, I hope this helps
(iOS 17.5.1)
Excuse my english i'm french
I've experienced this issue 2 times already in the last week. Here's what I suggest you to try :
1: Do a force/hard Iphone restart.
2: Go for a network settings reset.
3: Take out your SIM card on the Iphone that's not receiving any signal. Check if it works on another Iphone to make sure it's not a simple bad SIM card. If you see it's working on another device, try transfer it into an "esim". You may need to pass through your carrier service to do that.
4: Delete any VPN & device management profile on your Iphone (If this option works for you like me, reset your Iphone to factory default before reinstalling any profile)
5: Make a backup save via lcloud to make sure you don't lose any data etc. and go for a factory reset.
6: Contact apple support and pray they found something else to fix your problem that's not written here
In my case, I had a corporative device management profile installed on my Iphone (14 Pro Max) for work and after I removed my management profile, I've done a factory reset and everything works fine for now.
I can't guarantee this is a permanent fix because it happened to me 2 times in the last week. The first time it happened, I didn't factory reset my Iphone like I did the second time. I will keep you updated if the issue reappears.
I've seen people report this problem on few websites, I hope Apple will fix this soon.