Following the installation of iOS 16.2 beta, users are notified that a "Home Upgrade" is available.
Home now has a new underlying architecture that will improve the performance of your home.
Users are then prompted to complete a series of upgrade steps...
Complete the steps to upgrade your home and take advantage of improved performance and reliability of the accessories in your home.
Notably, other devices on your network may not be able to view or control your Home until the latest software update is installed. Additionally, you will not be able to view shared homes until those homes are also upgraded to the latest version of Home.
This update is likely building on support for Matter which Apple introduced in iOS 16.1. Please download the iClarified app or follow iClarified on Twitter, Facebook, YouTube, and RSS for more updates.