iPhone 16 Pro will not work with iMac 2017 using USB-C to USB-C cables

I just received the iPhone 16 Pro and plugged the included USB-C to USB-C cable into the Thunderbolt port on the back of my 27-inch iMac 2017 Intel Core i7. There was no charging response and no data response. I plugged in one of my larger USB-C cables used for charging my MacBook and I got a message that the USB Accessories Could not be powered.

I tried the same cables on a newer MacBook Pro and they both worked for charging the iPhone.

I can also use USB-C to Lightning cable just fine to charge my iPhone 12 Pro and my keyboard and mouse.

Any idea why the newer USB-C cables and/or the iPhone 16 Pro just will not work at all with the iMac 2017? It's on Ventura 13.7 so it meets the minimum requirements. And Charging the iPhone 12 Pro can't be that much different in terms of power consumption. This iMac has two, 3.1 Thunderbolt ports so it should all technically be compatible.

So far I've tried restarting. And I think I reset the SMC but I'm not sure if it was successful.

I haven't found other issues online yet (probably because the phone just came out today).