Fenix 7X - why is altimeter so wrong?

I'm wondering why I'm seeing issues with the altimeter on my Fenix 7X 7.35 (and apparently other watches), when I know that the raw barometer data is perfectly fine (thanks to Connect IQ apps like GliderSK which compute the altitude correctly based on the raw baro data!)

My inquiry is triggered by this post on Reddit, which shows a Casio watch closely matching two variometers (basically small aviation altimeters used for free flight) during a climb up a hill, while a FR945 is all over the place: https://www.reddit.com/r/freeflight/comments/tvyavv/i_took_two_varios_and_two_altimeter_watches_for_a/

I checked my Fenix 7X official altimeter (after an initial manual calibration to known altitude) against the altitude from Connect IQ app GliderSK (which is open-source, so I could check it does bog standard textbook altitude computations based on the raw baro pressure). And while the GliderSK computed altitude was pretty much always spot-on, the Garmin computed altitude kept getting further and further off.

I'm really puzzled about this... Any idea?