My Verizon phone and someone's Verizon phone who visited me also have this issue happening. I'm located in Hoboken, NJ just outside of NYC.
Restarting the phone was the only way to fix it. Before restarting, toggling automatic date and time setting on after correcting date manually will set it incorrectly again (to May 18, 2007 but with correct time of day.
Initially I thought it was a bad ntp time sync of the wifi router but router system date time was correct. Problem did not affect clock widget from another app, only system time. Seems to be related to cell tower sync. Also note there is 5G service where I am.