Carrier-phase (CP) ranging is a key enabler of high-precision positioning in modern wireless systems. In multi-frequency OFDM-based sensing, phase observations across subcarriers provide information about the underlying propagation geometry. However, in realistic industrial and urban environments, these observations exhibit non-Gaussian and asymmetric characteristics due to deterministic multipath components, violating standard circular statistical assumptions. In this work, we analyze CP-based ranging as an estimation problem over circular phase observations. We show that conventional model-based estimators, such as circular averaging under von Mises assumptions, become biased under 3GPP-compliant propagation conditions. Using a QuaDRiGa-based simulation framework, we evaluate empirical phase distributions in Industrial Factory (InF) and Urban Microcell (UMi) scenarios and quantify their deviation from classical statistical models. To address these limitations, we propose a learning-based estimator that operates directly on empirical phase distributions without assuming a predefined statistical model. Experimental results show improved accuracy compared to classical estimators, particularly under multipath conditions.