Something very similar happened to me in the first week of November. My VO2 was steady at 50-52 since a week or two after I started using my Apple Watch in June. This figure agreed closely with the Garmin watch that I wore previously. Then, in the space of two training sessions done a few days apart, my VO2 max plummeted to 38 and has remained there ever since. It makes no sense because my times and heart rates for similar workouts have not changed. I think this timing coincided with when I installed a software update on either my watch or my iPhone, so I agree with another commenter who suggested Apple could have changed their algorithm for calculating VO2 max. However something must be wacky with either the new algorithm or the old one, which doesn’t promote a lot of confidence in Apple’s approach to VO2 max.