Time Machine has been using APFS for at least the past few macOS versions. At some intermediate juncture the older HFS+ / Mac OS Extended formatted Time Machine backups had been using were seamlessly transitioned to APFS. When that happened, Time Machine didn't inform you, it just did it. If you upgraded to Big Sur from a version preceding Catalina (perhaps) those older backups may have become truncated.
This is only speculation on my part. A more plausible explanation may be that the enormous number of files associated with a macOS upgrade resulted in the need for Time Machine to delete older, "expired" backups, resulting in a shorter backup history.
The salient point to bear in mind is that TM guarantees an absolute minimum of one and only one complete, restorable system backup. More than that is "nice to have" but not guaranteed.
All the TM backups I had prior to upgrading were preserved, but I don't keep more than a year or two's worth. At this point they don't go back any earlier than Catalina.