Although Apple says the setup process should prompt you to install iOS 17.0.2, which fixes the problem, some users (including one Engadget staff member) have reported that it failed to do that.

Apple refrained from putting its logo underneath the screen of the latest iMac model, but a leaked prototype shows the ...

If this happens, your iPhone 15 will get stuck on the Apple logo and never actually finish the transfer process. iOS 17.0.2 resolves this problem.

Your iPhone should then finish setup successfully. These steps are described in an Apple support document, which first revealed the existence of this iOS 17 glitch.