Linux kernel error codes are defined in errno.h. The return value is negative, but the code itself is positive, and you'll find
#define ETIMEDOUT 110 /* Connection timed out */
So the iPhone appears as a USB ethernet device, and then the kernel tries to set the (virtual) carrier for this device by sending an USB control message, but this message is not accepted by the iPhone, and times out.
There could be a number of reasons for this. If it worked yesterday, I'd rule out driver problems, so my guess is hardware or cable problems - the initial USB packets transfer fine, but then they stop to work.