Ever since Google released the February Android security build for the Pixel and Pixel XL, owners have been complaining of sudden drops in Bluetooth connectivity due to the feature being disabled seemingly at random. The security update patched another annoying issue that plagued the Pixel phones for some time, but it seems like it's caused a bug of its own.
According to numerous user reports submitted to Google's Pixel User Community, Bluetooth connectivity switches off at random after the update, resulting in a grayed out icon in the notification shade. Users are also reporting that sometimes Bluetooth connectivity is disabled automatically upon reboot and that it cannot be re-enabled through the notification shade shortcut, forcing them to go to "Settings" and enable the Bluetooth from there.
Google has now acknowledged the issue and said that the Pixel support team has identified a fix for the problem. Although there is no information of when exactly the bug will be patched out, Google is supposedly preparing to roll out an OTA update fixing the issue relatively soon.