If your heart rate is higher over the same speed / distance then that may explain it but if not, try unpairing and re-pairing. I had thought the weather may have affected mine but then found this thread. Re-pairing worked for me initially but has now returned to how it was before. (My stats went from 41 to 31 and back to 42 again by re-pairing). I am going to go through the process again and see if it rises again as it has fallen again suddenly (same route, same speed, same distance, same heart rate) I have also been unable to find how apple calculates VO2max to see if they have changed it - in contrast, Garmin’s method is relatively easy to find.
Ideally, with more and more people using this metric, Apple might explain where things are going wrong and resolve it.