For me this was caused by a dependency (Texture) having an issue with the iOS 15 simulator. The issue is documented here: https://github.com/TextureGroup/Texture/issues/2029
A recent comment claims the issue is fixed in the main branch, but others disagree. If updating the framework version doesn't help, one workaround is to use iOS 14 simulators. There are other workarounds in the comment thread.
Our ultimate solution was to remove Texture from our codebase, which we were already working towards for other reasons.