No Hotspot option on my iPhone 16 Pro Max

The Hotspot option is provided by your cellular carrier, and the iPhone is only going to display the settings and options that it receives from your carrier.

Do you have cellular service at this time? Contact your carrier to confirm whether or not they offer a Hotspot option with their cellular service.

First off, do you have an active cellular plan on your iPhone? Secondly, does your carrier support Personal Hotspot? Third, does your plan with your carrier feature a Personal Hotspot? If all of those are true, or any one is not, be sure to contact your carrier for further support.