I had this issue with my iPhone 12 mini and I contacted Apple about it. They ended up taking it in for a free repair and if memory serves it had something to do with a faulty Bluetooth or LTE radio.
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I feel the most likely thing would be a bad battery. But if it’s not the battery then it gets expensive because intermittent issues are always the hardest to debug in hardware.
But you're thinking hardware and not software? In that case, sounds like I need to book a visit to my local Apple Store.
Yes I believe it’s hardware. You wouldn’t see consistent issues like this ubiquitously. I could honestly be the RAM/memory as well because on my old Mac I use to get constant beach balls and it turned out HDD and 1 ram stick had issues.