I actually oversimplified a bit (please see below*), but the main point is that somehow the watch didn't identify that it was pretty much the same spot on the earth that the run started and ended, and assigned an elevation 25 feet higher at the start than the end.
Potential complication - I am using a Stryd foot pod. Could it be Stryd's error? How can I trouble shoot to tell?
*The finishing point was 100 feet short of the starting point on this route that had an identical first and last 1/4 mile. The difference in elevation between the starting point and 100 feet later on the run was 2 feet according to the watch, which seems reasonably accurate by the eyeball test.