Based on logs on various websites, it seems that Apple is preparing to release iOS 16.5.1.
It’s not clear when iOS16.5.1 Will be released but expected to be available this week or next.
Minor updates like iOS 16.5.1 tend to focus on bug fixes, stability improvements, and security patches rather than new features. For example, Apple’s Lightning to USB 3 Camera Adapter doesn’t work properly with iPhones running iOS 16.5, but the issue was fixed in the iOS 16.6 beta last month, so a fix will likely also be included in iOS 16.5.1.
Earlier this month, Apple announced that 81% of all active iPhones are running iOS 16, but that percentage has definitely dropped since the iOS 17 beta. Apple is expected to release iOS 17 in September, around the same time the iPhone 15s launches.