After updating to iOS 15.4 I can no longer read any NFC tags. I believe Apple Pay is working fine.
Replication:
Unlock iPhone, hold NFC tag to top back of phone (without case or other magnetic or metallic materials nearby). Default iOS behaviour should be to read the contents of a known working tag (works perfectly on an Android device) and display a popup to manage the tag information (e.g. Popup would ask permission to open Safari to open a web link programmed on a tag)
3rd Party Tools: Previous versions of iOS 15 beta allowed read and write of NFC tags using apps such as NFC and NFC Tools. I have used "normal" mode, compatibility mode, have attempted to (re)format the tag to no avail. When conducting a read or write using these tools a popup appears, but no tag can be read or written. "Ready to Scan" popup remains open.
Further steps taken: Hard Reset: No effect