GPS signal lost on iPad device

Perhaps you have a problem with Bluetooth, or more specifically, signal interference. Bluetooth shares the same RF-spectrum as many other ISM devices - including 2.4GHz WiFi, baby monitors, video senders etc.

Another consideration is GPS signal jamming and spoofing, which is becoming very problematic in specific geographic areas - pin particular Nordic/Baltic areas, Eastern Europe, Eastern Mediterranean and Middle East regions. If you are in any of these areas, expect GNSS/GPS to be very unreliable. When jamming or spoofing are a factor, received signal can appear very good, while the determined position information may be utter garbage and will be rejected.

Aside from radio-issues, if your iPad is not operating as expected, try a forced-restart - as this will often clear an isolated software issue:

Force restart iPad (models with Face ID or with Touch ID in the top button)

If your iPad doesn’t have the Home button, do the following:

1. Press and quickly release the volume button nearest to the top button.
2. Press and quickly release the volume button farthest from the top button.
3. Press and hold the top button.
4. When the Apple logo appears, release the top button.

If the problem persists after performing the restart, it may be necessary to reset your iPad settings. While this reset will not cause any loss of data, as a precaution, it is always wise to ensure that you have a current iCloud or iTunes backup before performing the reset:

How to back up your iPhone, iPad, and iPod touch - Apple Support

When you are happy to proceed, you can perform the reset from iPad settings:

Settings > General > Transfer or Reset iPad > Reset > Reset All Settings

If the problem still doesn’t clear, the next step is to reset the iPad to factory settings:

Restore your iPhone, iPad, or iPod to factory settings - Apple Support

Otherwise, you might be well advised to seek assistance directly from Apple Support. You can contact the Support Team using the Support link at top-right or bottom-left of this page. Alternatively and perhaps easier, you can initiate and manage your support cases using the excellent Apple Support App. If not already installed on your iPad, the App can be downloaded from the App Store:

https://apps.apple.com/app/apple-support/id1130498044

You might also visit the Genius Bar at your local Apple Store or Apple Authorised Service Provider (AASP) - where the technicians will be able to assist with troubleshooting:

Genius Bar Reservation and Apple Support Options - Apple

I have the same problem. I have a M4 IPad Pro with latest iPadOS and apps are updated. It is a WiFi only version so I use an external Bad Elf Pro GPS connected with Bluetooth. I use this on my boat to run marine navigation apps, AquaMap and iNavX. Most of the time it works perfectly with the Bad Elf providing extremely accurate position data. Sometimes AquaMap will indicate bad GPS but like you see, the Bad Elf app shows excellent GPS signal, many satellites, and accurate position. This proves the Bluetooth connection and GPS data from the Bad Elf is good. I have found if I disable WiFi in my iPad the problem quickly resolves and the nav apps get good GPS data again. I suspect the location services for some reason decided that the WiFi based crude position was better than the Bluetooth GPS provided data? I say this because on a few occasions when the problem occurred the indicated location was back at my home marina even though I had already travelled several miles. The iPad was connected to a WiFi router on board my boat, this boat network provides internet services for multiple devices on board- kindles, iPads, Fire TV, etc. The router gets internet access either from the marina WiFi when I am docked or a 5G WiFi hotspot when we are underway or anchored.