Most likely, your iPhone is recording video in the relatively new HEVC format. To change it to use the traditional MP4 format, check the option Settings > Camera > Formats > Most Compatible.
Victoria Bampton (LIghtroom Queen) has indicated that Adobe intends to add support at some point (it's already in LR CC). Please add your constructive opinion to this feature request in the official Adobe feedback forum: Lightroom Classic: Please support HEVC (H.265) video support | Photoshop Family Customer Community . Be sure to click Vote in the upper-right corner. That will make it a little more likely Adobe will prioritize the necessary work, and you'll be notified when it is released.
Hi Thanks for the reply. I will make the change. In the interim, am I SOL on the many videos encoded in the new format?
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You could use a program like Handbrake to convert them all to MP4s.