My fitness level is approximately the same as a friend of mine who is using a Garmin watch. My AW gives me 48 Vo2Max. His Garmin gives him 55. That's a significant difference. And the reason I say we are really similar is because whenever we do a run of similar pace, we have a similar HR average, and our age gap is small.
AW always underestimates Vo2Max compared to Garmin watches, that's for sure. But I don't know which one is more accurate compared to an actual Vo2Max test.
However when I check my Vo2Max values using a Cooper test in the track, it's much much much closer to the Garmin number.
Depending on the Garmin, it’s probably because Garmin actually takes elevation gain and heat into consideration with vO2 max estimates. Apple does not. So if you’re running in really hot weather or on a steep route, it thinks you’re less fit.