How to enable Personal Hotspot icon on iPad?

Do you have a WiFi+Cellular model iPad - and have added a Cellular plan that includes "tethering" by way of eSIM or a physical DataSIM? Unless you can answer yes to all three elements, you may not be able to activate the hotspot feature.

If applicable, you can check that you have correctly configured your iPhone hotspot:

How to set up a Personal Hotspot on your iPhone or iPad - Apple Support

If Personal Hotspot is not working on your iPhone or iPad (Wi-Fi + Cellular) - Apple Support

Is your iPad a cellular model?

Only cellular iPads will have Personal Hotspot. Wi-Fi only models will not have the option.

If yours is a cellular model, contact your cellular service provider, and make sure Personal Hotspot is supported by them and is provisioned correctly on your service plan with them.