I'm experiencing the same issue on iOS 27.0.1 on my iPhone 17 Pro. The certificate expired three days ago, and I haven't found a way to renew it.
I confirmed the expiration date by inspecting the certificate embedded in AppTransaction.shared.jwsRepresentation. Even newly created StoreKit transactions are signed with the expired certificate.
The issue affects two different apps on the same iPhone, using different StoreKit configuration files. Both work correctly on my iPad Pro. I've also reproduced the issue with Xcode 26.6, 27.0, and 27.1.
Restarting the iPhone, resetting transactions, and clearing Xcode's StoreKit caches didn't help.