This is so odd. I have two phones with AT&T currently sitting right next to each other. One has service, the other is in SOS mode.
So the radio bands may play into it although I would think with latest iPhones, they can use any of the bands from AT&T although I could be wrong.
I suppose I can't speak to likelihood with a sample size of one.
I wonder if the MVNOs that piggyback on AT&T are showing down also. If not, it’s some AT&T service authorization system that exploded.
Your iPhone will instruct you on where to point and help you track an emergency satellite that is manned by live humans who will take your emergency request and relay it to the proper people.
More specific info here: https://support.apple.com/en-us/104992
If there is no cell service then it's SOS with a little picture of a satellite next to it.