This is something that affects many iOS developers and it’s caused by missing device support files for your iOS device, mostly because you updated your phone to a more iOS recent version.
First go to this awesome repo that contains updates Supports files for iOS simulators.
Download the image that you need (the one that popups in the Xcode error).
Then open this directory:
Extract the content of the zip to that folder.
CMD + Q on Xcode to close it (if it’s running).
Restart your Xcode and re-run your app.