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I got 5.3.1 too, on the app (on my phone) and on the infotainment stack. Both downloaded and updated completely, no issues, complete. It looks like it may need to be restarted on your truck - not sure how you do that.
I just bought a 2023 on 1/22/24. Last week it updated to 5.1.1. Yesterday it updated to 5.2.2. I don't really see any rhyme or reason for the timing on these updates. If some have 5.3.x, why doesn't everyone? The truck is sitting in an attached garage basically right next to the home's router and the truck is set up to access the home network with updates nightly at 1 AM if available.
It's also hard if not impossible to track down what exactly the updates accomplished. At least in my searches I haven't found much useful information.
Bought my 2023 last May, and I am currently sitting at update 5.2.1 loaded on November 21, 2023, even though other people have received more updates since then. Auto updates is turned on.....
Funny I got 5.1.1 on January 28th and then 5.3.1 Feb 1st
I apparently was updated to 5.3.1 overnight last night. Not much in the way of what it actually does. I guess it's a "pre update" update. Here's a screenshot from the Ford owner's page: