I'd probably pronounce it the same as Phoebe. It looks like a dumbed-down respelling of Phoebe, tbh.I don't really understand why you would change the spelling because of a character in a sitcom. It still sounds the same.
It's not just because of the sitcom, I like it better this way. Phebe just an alternate spelling, lot's of names have an alternate spelling. Phebe was also used in Shakespeare (I like Shakespeare)