@askpatrickw @Sandeep G-MSFT @Till Rebenich
I am also experiencing this issue across a couple tenants. Not specifically for guests, but for tenants that do have security defaults enabled.
I believe this is due to the change notated here: https://learn.microsoft.com/en-us/azure/active-directory/fundamentals/concept-fundamentals-security-defaults#authentication-methods
The only thing that has worked has been to manually add the cell phone number as an Authentication Method. Either through Azure AD or within the particular users Security Info at My Sign-Ins.
I hope this helps. I tried to force re-registration and all that, but wasn't able to resolve it without the manual add.
Hopefully Microsoft can implement a fix soon.