I'm experiencing the same and I've seen quite a few people on reddit having the same problem without any immediate fix from apple so far. I tried the following with no success.
1. Unpair/pair watch - even set up as new watch (wait a week with more than 5 outdoor walks/runs)
2. Reset Calibration data + add a manual value (wait a week with more than 5 outdoor walks/runs)
I think there must be bug as it can't be a hardware issue (it's just algorithmic calculation).
3rd party apps seem to be doing ok calculating VO2 max (Athlytic - used the free trial for a week).
I guess there must be a very specific sequence of steps that make things work or it is just random.
I still see my old apple watch as sources (aw4) but not the aw7. I've also had aw6 for a month and it never recorded a value although I didn't do much running during that period of time, just tennis.
Hopefully someone in the forum has gone through the same pain and can give some solution.