As already mentioned by Jeff Donald, the Apple Watch/Health App can only estimate your VO2 max, if you start a Run-, Hike-, or Walk Outdoor exercise.
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It can take at least 24 hours of wearing your Apple Watch, followed by several Outdoor Walk, Outdoor Run, or Hiking workouts* and passive measurements with your Apple Watch before you receive an initial estimate.
If the Health app detects that your previous cardio fitness estimates could be more accurate, you'll have the option to update your data. In Cardio Fitness, tap Update under Update Your Data. After you update, the Cardio Fitness Data Updated notification shows you the results of the update and how your estimates changed.
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copied from: Track your cardio fitness levels - Apple Support