The reseted value for react-native-picker-select is null.

So you need to create a state that stores the current value of the picker and when you want to reset it, set it to null.

The secret here is set the value={state variable} parameter, so that the picker updates every time that the state is also updated. The state variable is updated with onValueChange.

const Component = () => {
  const [pickerValue, setPickerValue] = useState(null);

  return (
    <>
      <RNPickerSelect
        onValueChange={v => setPickerValue(v)}
        value={pickerValue}
        items={[
          {label: 'Football', value: 'football'},
          {label: 'Baseball', value: 'baseball'},
          {label: 'Hockey', value: 'hockey'},
        ]}
      />

      <TouchableOpacity onPress={() => setPickerValue(null)}>
        <Text>Submit</Text>
      </TouchableOpacity>
    </>
  );
};