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More evidence points toward an action button on the iPhone 15 Pro.
As spotted by 9to5Mac, the iOS 17 beta 7 has a new haptic feedback pattern that makes the “phone vibrate more prominently” to signal when silent mode is on or off.
That would make sense if Apple ends up replacing the mute switch with a solid-state action button, as the vibration could help users determine which mode it's in.