Those eligible for a payout from the settlement must own or have owned an Apple iPhone 7 or 7 Plus between September 16, 2016, and January 3, 2023.
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You’re leaving out the most import part. Class members are:
Individual persons who are United States residents and who own or owned an Apple iPhone 7 or 7 Plus between September 16, 2016 and January 3, 2023, and reported to Apple in the United States issues reflected in Apple’s records as Sound-Speaker, Sound-Microphone, Sound – Receiver, Unexpected Restart / Shutdown, or Power On – Device Unresponsive
Based on the amount of money allocated for the settlement, the class members represent significantly less than 1% of iPhone 7 owners.