Well you know that Bluetooth is working correctly if your Watch is connected and working reliably.
So, the first task would be to find out why the hearing aids and speaker are not sending out a Bluetooth signal to be recognized by your iPhone.
Is it possible that you were using the hearing aids and speaker with another iPhone or other device? If yes, the hearing aids and speaker are still looking to connect to that device, and they will not offer a new signal to a new device....(your iPhone)....unless they are reset.
Another way to say the same thing.......the hearing aids and speaker need to first "forget" the device that they were connected to previously.
Frankly, the issue that you are having at this time is not an iPhone issue. It is a JBL and hearing aid issue....but we will try to help. You may receive faster results by contacting the customer support people at the hearing aid company and at JBL.
Have you followed the instructions from JBL to reset the speaker? Here they are:
https://support.jbl.com/no/no/howto/jbl-go-series-clip-4-eco-how-to-reset/000017648.html
We don't know what the make and model number of your hearing aids might be, but if you can provide that information, we will conduct a search to see what we can find. As mentioned earlier......you may get faster results by directly contacting the customer support people at the hearing aid company.