I solved it and I'm saying the solution just so it actually shows up on search results.
In the Simulator, go under Device -> Erase all Content and Settings. This resets the Simulator's OS.
Without building anything to simulate yet, open the Messages app and some random menu will pop up, click OK then quit Messages.
In Xcode go to Product -> Scheme -> New Scheme and don't change anything and hit OK.
Hit the play button and it'll just work.
I tested this on the iOS 15 - iOS 17 simulators and it works despite iOS 15 and 16 giving slightly different errors from iOS 17.
Credit: https://forums.developer.apple.com/forums/thread/757781
This solution didn't work for me without resetting iOS on the simulator.