Here's one thing I saw about it:
https://www.patentlyapple.com/2024/07/while-apple-has-update...
Comparison page lists the "Blood Oxygen app" for the S6 through S8, but S9 and S10 both just have "-" for that comparison section like the S5 has.
https://www.apple.com/watch/compare/?modelList=watch-series-...
EDIT: Another difference between them is the Vitals App description removing the blood oxygen reference.
S10: "Vitals app featuring heart rate, respiratory rate, wrist temperature, and sleep duration"
S08: "Vitals app featuring heart rate, respiratory rate, wrist temperature, blood oxygen, and sleep duration"
https://www.apple.com/sg/watch/compare/?modelList=watch-seri...
https://www.patentlyapple.com/2024/07/while-apple-has-update...
Edit: if you go to the comparison page, it lists the blood oxygene app for the 10 and the Ultra 2, so great :)
No real pattern to the large outliers, they’d happen at all times of the day, even with my girlfriend’s watch that I asked for a lend of.