Windows Hotspot Stucks at Obtaining IP Address

In Windows 10:

1. In Settings > Network & Internet > Status, click Change adapter options
2. Open another window Settings > Network & Internet > Mobile hotspot, select the internet to share, and enable hotspot.
3. After you enable the hotspot, a new adapter would show up, keep the name in mind (e.g., Local Area Connection* 10)
4. Right-click the adapter to share (Wi-Fi/Local Area Connection), click Properties, and click the Sharing tab.
5. Check the Allow other network users to connect through this computer's Internet connection option and select the new adapter (e.g., Local Area Connection* 10)
6. Also check Allow other network users to control or disable the shared internet connection. (Not sure if this is necessary)
7. Click OK.

The issue should be resolved. If the options are checked by default, uncheck them, click OK, and visit the Sharing tab again.

References

Mobile Hotspot connections are stuck at Obtaining IP Address | Microsoft Community