See below the answer from Garmin support that clarifies it. It is indeed linked to the pressure / altitude. I guess to get the most accurate reading calibrating both the elevation and atmospheric pressure before diving could be a good thing.
"Hello Pierre-Marie,
The Max Operating Depth is more correctly the Max Operating Pressure. Foe example if a user is diving in Denver (1 mile above sea level), they will have a higher MOD than a diver at sea level, like Florida, because they can dive deeper before they reach the same equivalent absolute pressure. The Florida diver has approximately an additional 1524 meter of air pressure on their back with is equal to 1.2192 meter of water depth.
Why it varies, it is because the MOD and NDL will vary with ambient pressure. This is why you may see N2/He load be 1% on the surface interval widget even though you are not diving. For example, if a storm rolls through the ambient pressure drops, you would be technically over pressure and off gassing (a very small amount)."
Happy and safe diving to all.