Workaround if personal hotspot on iOS doesn’t provide an IP
In that case you could restart the iPhone to restart the dhcp server for the hotspot. Or you switch to manual configuration, which often helps.
For this you go to WLAN settings in system preferences and click details right to the network from the iPhone. In that screen, go to TCP/IP and enter:
IP address: 172.20.10.3
Subnet mask: 255.255.255.240
Router: 172.20.10.1
Not sure if the IP addresses are different. Maybe you look them up, when it works. For me the iPhone has 172.20.10.1 and my Mac usually get the IP with 3 on the end.
Then below in DNS settings, you can set 172.20.10.1 as DNS server. But if the DHCP server on the iPhone is broken, you may better go with 8.8.8.8, which is one of the servers from Google.
Once set, the Internet on the Mac should work right away.