I tried with ESP-IDF 5.4.3 and it is working.

I have the same issue with that simple code:

#include "esp_bt.h"


void init_bluetooth() {
// Initialize the Bluetooth controller
esp_bt_controller_config_t bt_cfg = BT_CONTROLLER_INIT_CONFIG_DEFAULT();
esp_bt_controller_init(&bt_cfg);
esp_bt_controller_enable(ESP_BT_MODE_BLE);

// Initialize ...