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Do you have Verizon? If so, this is an ongoing issue. There's a long thread about it on MacRumors. Lots of people, including myself, having the same problem. I'm sure there will be a software update soon to address it. Still really annoying.
I'm on Verizon with a 7 and I've noticed it too. For some reason it's like my phone defaults to 3G instead of LTE in lots of places that I know I get LTE coverage. I haven't noticed cell coverage being all that bad, but then again I never really call people so I wouldn't notice.
Same here. I've noticed it drop to no signal randomly. Usually when I restart it or turn airplane mode on and off, it fixes itself. Here's the link to MacRumors about it: Verizon iPhone 7 Issues
I have the iPhone 6S Plus, and I've had this issue for a long time. I'll come out of underground parking garages, where I get no signal, and it will acquire a 3G signal. It's not uncommon to see that right before it switches to LTE, but I've sat there for several minutes and watched it stay at 3G. Then, I'll flash on/off airplane mode, and magically, it acquires an LTE signal.