I'm having the same issue, so I'm replying to subscribe to this thread :)
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That seems to work for buttons in other views, but the .popoverTip modifier on a button inside a ToolbarItem. Here's a snippet:
}.navigationBarTitle("App Name").navigationBarTitleDisplayMode(.inline)
.toolbar {
ToolbarItem(placement: .topBarLeading) {
Button(action: {isSetting = true}) {
Label("Edit", systemImage: "gear").labelStyle(.iconOnly)
}.popoverTip(editTip) // this doesn't work here
}