Here’s another thing. When they measure VO2max in the lab, they put a mask on your face and they ramp up the exercise rate. When the amount of oxygen you consume stops increasing, that’s your VO2max (or VO2peak or whatever - sports scientists recognize a distinction but it’s unimportant for this discussion).
Your body burns oxygen to produce aerobic power. It then delivers that power to the bike. But we all don’t have the same gross efficiency. Some of us are lower, some are higher.
Anyway, you can estimate VO2max from a short maximal effort. It’s not a direct measurement, it’s an estimate. If you searched for peer-reviewed literature, you could find people who’ve estimated the potential error margins. It might be +/- 10 mL O2/min kg or something similar. This is why they mentioned you can do this with a 5-min maximal effort in intervals.icu. This sort of estimation is well accepted in many other sports. But remember, the average difference of the estimate from the actual VO2max might be small, or it might even be zero. But that’s an average error, and your own VO2max might differ substantially from the estimate.
If you haven’t done a maximal effort, then your Garmin only has sub-maximal data. I know that you can estimate VO2max from sub-maximal efforts. Logically, I would expect the accuracy to be lower still.
The other thing is that there’s the concept of test-retest reliability. That is, in many settings, even if the underlying value doesn’t change, we would expect a test to produce slightly different results when administered repeatedly, just because of measurement error. We don’t know the test-retest reliability of the Garmin algorithm. It may be that the minimum detectable change is 1 mL O2/min kg. It may be that it’s more like 3 mL. We don’t know. But it’s not zero. And your VO2max estimates are within a band of 5-6 mL O2. That’s not a huge change.
And the last thing is that if you’re interested in VO2max as a marker of health, then it’s diminishing returns. Going from bad to below average is a huge benefit. Going from below average to average is good. If you are actually in the high 40s, then you’re already in good shape. Going from 40 to 50 is fine, obviously, but in terms of life expectancy or other measures of health, then you’re going to be gaining less than if you had gone from 20 to 30. If someone offered to magically raise my VO2max by 10 mL, obviously I’d want to take it, but from a “the needs of the many” perspective, you’d want the genie to find someone whose VO2max was like 10 mL O2 and give it to that person.