Active calories not calculating right with the Move Ring?

So, I’m having some active calorie weirdness since getting my new 14 Pro Max. 

I walk… a lot… and usually burn 1250 active calories minimum everyday on the move ring. 

However, since getting the new phone, I’m not coming close to touching it. I walked 24000 steps today, and still haven’t hit 1000 active calories burned - usually that would have me over 2000 calories somewhere. 

Looking in the fitness app, this change definitely happened with getting the new iPhone. 

I’ve been running betas for months and it wasn’t an issue, so I don’t think it’s watchOS 9 or iOS 16. I think it must be something to do with calculations between my Apple Watch 5 and my iPhone 14 Pro Max. 

Thoughts? Anyone else experiencing this?

Seems to be happening in my wife’s Apple Watch too, just since the new phones, so that’s two. So, I feel like it is a trend, but I don’t know if I’m seeing anyone else complain about it. 

Anyone?