As stated in this answer on StackOverflow there is currently a bug in Xcode's Simulator.
You can circumvent the issue by starting the Simulator with the SIMCTL_CHILD_SIMULATOR_RUNTIME_VERSION variable set to 16.4.
# Set $DEVICE_NAME to the device's name to be started, e.g. "iPhone 15 Pro"
SIMCTL_CHILD_SIMULATOR_RUNTIME_VERSION=16.4 xcrun simctl boot $DEVICE_NAME
Works with Xcode 15 (15A240d) and iOS 17.