How do I update my iPhone 16 to iOS 17 version?

You don't. iOS 17 is no longer available, you can update to iOS 18.5.

Update your iPhone, iPad, or iPod touch

Go to Settings > General > Software Update.

This link will show you how to update your iPhone, iPad, or iPod touch using WiFi -

Update your iPhone or iPad - Apple Support

This link will show you how to update using your computer -

Update iOS on iPhone - Apple Support

If this is about your iPhone 7, this device can not be upgraded any further than the latest version of iOS 15.

The built in hardware does not support iOS 16 or newer iOS versions.

You will have to buy a newer iPhone, at least an iPhone 8 or X for iOS 16, or an iPhone XS to upgrade to 18.5