The info below applies to the following models:
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iPhone X / XS / XS Max / XR
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iPhone 8 / 8 Plus
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iPhone 7 / 7 Plus
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iPhone SE
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iPhone 6 / 6 Plus / 6s / 6s Plus
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iPhone 5 / 5c / 5s
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iPhone 4 / 4s
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From the Home screen, navigate: Settings
> Personal Hotspot.
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Tap the Wi-Fi Password field.
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To change the password, edit the info then tap Done.
The password must contain at least 8 characters.

Related Topic: Personal Hotspot Settings