" I fully understand that laboratory derived VO2Max data is based on maximal efforts, but Apple has made it pretty clear that this is not the case for its Cardio Fitness feature"
Yes, that is true for the new algorithm but not for the older one which was requiring a more intense effort (i.e. anaerobic threshold). It's not really possible to say whether your workouts were intense enough without knowing whether or not you were hitting the required percentage of maximum heart rate given your age. Anyway, with the new algorithm it would seem unlikely that intensity is the issue since they have lowered the intensity requirements.
So ruling out intensity as an issue as well as hardware based on the two different watches, the only possibly left is software corruption that has followed you from one watch to the other. "Just not working for some people" doesn't really make sense. If the hardware is working, then you should be getting readings particularly on your new watch with the new algorithm. If not, software corruption is the only available answer.
There is however one other outside possibility which is that your VO2 Max is outside the maximum for which it is calibrated. I once hit 55 and I am older than you but not sure how much hire us can go.