What does this icon represent on my iPhone XS?

After updating my iPhone XS to iOS 16.2 this icon has appeared in the top right of the screen. It appears to be an icon of an iPhone with an arrow pointing down towards either the charging port or home button. Of course this model doesn't have a home button which is somewhat strange. I cannot find it listed among the status icons on Apple Support I've tried restarting the phone and it still remains. This feels like a glitch since the icon is not properly aligned with the others.

What does this icon represent on my iPhone XS?

After updating my iPhone XS to iOS 16.2 this icon has appeared in the top right of the screen.

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It appears to be an icon of an iPhone with an arrow pointing down towards either the charging port or home button. Of course this model doesn't have a home button which is somewhat strange.

I cannot find it listed among the status icons on Apple Support

I've tried restarting the phone and it still remains. This feels like a glitch since the icon is not properly aligned with the others.