Aidrop Stopped Working with other iPhone 14 Pro Max

I'm using an iPhone 14 Pro Max and I've been unable to airdrop to another iPhone 14 Pro Max in my household. My phone is on iOS 16.2 and the target iPhone is on iOS 16.1.

Airdrop is working fine from my iPhone 14 Pro Max to the new 14" MacBook Pro M1 which is on Ventura 13.1.

Something weird is going on. I've tried toggling Wifi and Bluetooth on both phones and complete power-downs as well. Nothing has worked.