Automatic brightness
Phones lower the screen in dim rooms and when they get warm. A video full of dark scenes can also trigger it, because the phone adjusts to what it sees around it. To test, turn auto-brightness off (iPhone: Settings → Accessibility → Display & Text Size → Auto-Brightness; Android: Settings → Display → Adaptive brightness) and set brightness by hand.
Battery saving
Low Power Mode on iPhone and battery-saver modes on Android trade display performance for battery life, and on some Android phones they lower the maximum brightness directly. Turn the mode off, play the video, and see whether the difference is the saver.
Accessibility dimming
iPhone’s Reduce White Point (Settings → Accessibility → Display & Text Size) and Android’s Extra dim (in the Accessibility settings on Android 12 and later) dim everything below the normal minimum. They are easy to switch on from a shortcut and forget about.
Heat
A hot phone, for example in sunlight or while charging, limits its peak brightness to protect itself. HDR videos are hit hardest, because they rely on that peak. Let it cool and the brightness returns.