That was shot in HLG, an HDR format by your phone. And is being displayed by Premiere as HDR. That simple.
To get it 'back' to normal Rec.709/SDR, go to the clip/s in the bin, right-click/Modify/Interpret Footage. Set the Override to Rec.709. And make sure the color management settings for your Sequence are also set to Rec.709.
Pr2022 has a completely rebuilt color system underlying everything. Prior to this, Pr assumed you were intending to work in Rec.709 unless you specifically told it otherwise. Now ... if your media is HDR, it shows it as HDR.
And there's more CM settings around the app, for us to learn how to use, like those on the clip found as noted above. Those in the Sequence settings, and those in Scopes. There are HDR presets for exports also.
A LOT has changed. A couple FAQs ... the first on what's changed, how to work within the new system, and what's still broken as of today, March 8th. The second is how to setup for monitoring in HDR if you do want to work in HLG or PQ.