While we do have a wiki page dedicated to the SMC BSC failure, but unfortunately the iPhone 16 is too new; we don't have any data on the error codes assigned to it. Apple is playing dirty by changing the error codes for each new model, so nothing we know about the iPhone 13 to 15 Pro models helps with decoding the 16 or 16 Pro errors.
So at this point all we can do is note the error you've encountered, 0x200000 (or 2097152 as it appears in your panic log), and hope to associate it with a part that successfully fixes the problem. That same code means the front sensor assembly on an iPhone 14 or 14 Plus, but it means a wireless charging coil on the 15 and 15 Plus, so who knows what it means on the 16 Pro?
Alisha (@flannelist), have you heard anything about iPhone 16 updates yet? I checked Jessa's page on iPadRehab but she doesn't have any news on the 16s either.