Forgot password mail not working steps to fix the problem :
1. Check if the Forgot password email template exists . Login to your wordpress dashboard, locate Emails section and Check if the email exists.
2. Install the plugin Vibe BP WP Mail fix : https://wordpress.org/plugins/vibe-buddypress-to-wp-mail-fix/
3. Install WP Mail logging plugin to track all outgoing emails. Locate the email and check the error.
4. If the error is with WP mail then you may need to use external SMTP (sending mail system). Install plugin WP SMTP You can use any external email platform like Breevo etc to send out emails