iOS 15.7 – "Update Now Warning" Issued to All iPhone Users
forbes.com
forbes.com
The way I understand the logic behind this UI is that it shows the next direct update front and center, and if there is a subsequent major one, it shows that update at the bottom in a smaller single-line entry. If there are no updates between your current version and the major one, it shows the major one front and center as expected.
I just pressed the iOS16 one, completely ignoring the front and center 15.7 update.