I'm not sure where you have got your formulas from but they don't make too much sense to me. The way any device provides an estimate of your VO2max is dependent on more than just heart rate otherwise the most unfit people would have the highest VO2max as their heart rate would increase more for a given exercise. To get the best estimate of VO2max (noting that this is an estimate rather than measuring true maximal O2 uptake in a lab, wearing a mask & measuring O2 concentration & volume & work rate) you need the following variables:
A. Normal resting Heart Rate
B. Exercising Heart Rate at plateau
C. A measure of the exercise you are doing
The heart rate sensor in the AW will give you A&B. C is measured by your GPS giving distance covered, the pressure transducer which gives you change in altitude (i.e. if you're going uphill and hence harder work), and time to cover this distance and altitude. This gives the AW information on how far you are walking or running and how quickly, so it knows how hard you're working. This is why you won't get a VO2max on a treadmill/rower/indoor walk/any other instrument of physical torture because no watch, in isolation, can then decide whether you are working hard or not (though you can link other systems to it).
The algorithm then looks at your heart rate increase and compares this with how far & how high (altitude change) you have walked/run over a given time period i.e how hard you have exercised. You will get the highest VO2max if you can do a given level of exercise (distance and any increase in altitude)/time with the LOWEST increase in heart rate i.e. you are fitter. If you do a lot of intense exercise, over a period of weeks & months, your heart rate will increase less for a given level of exercise and your VO2max will increase.
Should all work OK, and give you trends more accurately than actual values. Unfortunately, the software updates have somehow messed up the algorithms or sensors such that there tend to be bigger changes caused by these than any exercise you do, which is annoying and should be addressed by Apple.
I hope that helps?
P.S. I'm an MD & PhD in this general area so I'm hopefully not wildly out.