Error message:
Check with the developer to make sure Simulator works with this version of OS X. You may need to reinstall the application. Be sure to install any available updates for the application and OS X.
I have installed Xcode version 7.3.1 and OSX -10.11.5 and there are no available updates.
First, copy the path to the app folder from Xcode console. Then open Finder, click on Go -> Go to Folder and paste the application directory path. You will now be able to browse all the files in your application folder.
Just type this command in Terminal: open -a Simulator. app to launch the most recent simulator. Type this command in Terminal to run the Simulator rigth from the its folder.
I got the same error message on macOS 10.12.6 with Xcode 9.0 when trying to run the Simulator directly without opening Xcode, i.e, clicking on a Simulator icon that was dragged to the dock.
The solution was to open Xcode from the launchpad. It then presented a dialog announcing that additional components need to be installed. Once the install finished the Simulator app could be run without errors again.
You may need to open Xcode and follow any applicable prompts.
Sometimes, when there's an Xcode update, some pieces of functionality quit working until you go back in and click through a few windows and such.
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