It's fine — I didn't make that screenshot myself (I no longer have a use case for Bluetooth PAN on my MacBook, nor time to try setting it up for the purpose of this discussion), but it's from one of the many articles you'll find out there when you Google how to pair your iPhone and Mac.
Here are a couple more — one from a Mac displaying a connected iPhone, and another from a different article made with an iPhone displaying a connected Mac:

I'm definitely not trying to drag anybody here, and I'm also painfully aware that the functionality of Apple devices can change as OS software updates — sometimes even functionality for some users' job-critical use cases.
But this isn't just pedanticism. When users are describing difficulty doing things they've always and very recently been able to do before upgrading to the current iPhone 16 hardware, it's important to be clear about what has or hasn't ever been possible with past hardware.
ted2tall never said they were talking about Bluetooth PAN specifically, or anything that would indicate that Personal Hotspot was the way to resolve their issue. Without more information, I'm not sure it's possible for any of us to say whether they're experiencing a technical issue or reduced or modified functionality — but if they're trying to accomplish something they'd been doing with their iPhone 11 as recently as September, it's quite possible they're having the same issues other users are describing here.