A recent report via ithome shows the leaked protection cases for the iPhone 16 series which shows the vertical camera setup for both standard iPhone 16 and 16 Plus models.
According to a report Apple is testing different camera module setups for the iPhone 16 series and it is expected that Apple will finalize this vertical camera design for its iPhone. The back has a wide-angle and an ultra-wide angle camera in pill shape design that resembles the same look as the iPhone X. The microphone is shifted near to the lenses, while the flash is also moved to the back.
Previous renders show that the iPhone 16 series will have a physical action button and a hidden pressure-sensitive button, the leaked phone covers also have holes for these buttons. Both the iPhone 16 and 16 Plus are expecting to have a feature of spatial video recording which is now only available in the iPhone 15 Pro series.
While the cases are only developed by third-party developers it is not guaranteed that these are official but as stated Apple has finalized these designs.