Apple appears to be preparing an iOS 16.5.1 update for the iPhone, based on evidence of the software in our website's analytics logs last week. It's unclear when the update will be released, but it will likely be available either this week or next week.
Minor updates like iOS 16.5.1 are typically focused on bug fixes, stability improvements, and security patches, rather than new features. Apple's Lightning to USB 3 Camera Adapter does not work properly with iPhones running iOS 16.5, but the issue was resolved in the iOS 16.6 beta last month, so a fix is likely to be included in iOS 16.5.1 as well.
Apple released the first beta of iOS 17 at WWDC last week. The update will be publicly released later this year for the iPhone XS and newer, and has many new features, including a StandBy mode while an iPhone is charging in a landscape position, interactive Home Screen widgets, improved autocorrect, a Journal app, and more. For the first time, developer betas are available without a $99/year Apple Developer program membership.
Earlier this month, Apple revealed that 81% of all active iPhones were running iOS 16, but that percentage has surely declined following the iOS 17 beta. Apple will likely release iOS 17 in September, around the time that iPhone 15 models launch.
