I'm having this issue as well. The exact same build runs fine on an iPhone running iOS 14, but doesn't open on an iPhone running iOS 15. For me, deleting and reinstalling the app does not make the error go away. I can't open my app at all.

You need to make sure your app has been build with Xcode 13. My issue was that even though I have the Xcode 13 Beta installed on my Mac, I was building my app for ad-hoc distribution using FastLane which is running Xcode 12.4. I'm going to try upgrading to Xcode 12.5 to see if that resolves my issue, but I may need to wait until my build service supports Xcode 13. No idea what you're using, but I'm building my app using Expo EAS Build. I can't link to it, but you can search their forums for "Needs to be updated" if it's relevant to you.