That's a real tough question. Did Bellinger make any adjustments offensively, change anything, lay off certain pitches etc? He was pretty awful with the bat in 2021 and 2022 and yeah would be worried paying him close to $25M per season with the possibility his bat returns to that level haha. His BB% is what's concerning. Was 7.2% in 2023, hardly any better than 6.9% in 2022. If he hits .250 or .260 his numbers won't look that sexy. Definitely the FO would have to do their homework which I'm sure they already have.
Bellinger got off to a great start in 2023. There was a stretch in May and June where he was awful and looked like his 2021/2022 version. Then he came back strong in July and just put up video game numbers the rest of the way.
Like you said, Bellinger fits the team well being a lefty who can play CF/LF and cover 1B occasionally if he's a 120ish wRC+ bat or more. All he would cost is money. Perhaps other teams have the same concerns and that impacts his market somewhat. Like instead of getting a 7-8 year deal, he only gets a 5-6 year deal given some of the risk he carries.