As per Baseball Savant, in 2021, Vlad was in the 69th percentile for Chase Rate. This year, he's in the 30th percentile.
In 2021, he swung at 52% of the pitches in the 'shadow', 19% 'chase' and 5% 'waste' and he was at or slightly above league average in all 3 categories. In 2022, those numbers have risen to 56% 'shadow', 27% 'chase' and 9% 'waste'. in 2022, he's below league average for the # of pitches he's swung at in the 'shadow', 'chase' and 'waste' category.
https://baseballsavant.mlb.com/visuals/swing-take?playerId=665489&playerSet=hitters&year=2021
https://baseballsavant.mlb.com/savant-player/vladimir-guerrero-665489?stats=statcast-r-hitting-mlb
Pitchers are giving Vlad much less to hit this year and his approach and results are suffering accordingly. He's so good at making contact that he hits those pitches that are close or outside of the zone and the reality is it's really hard to make good contact on those and to do damage. Olerud is correct that until Vlad adjusts his approach and becomes more discipline, we're not going to see 2021 Vlad return.
Here's another article that explains it. https://www.mlb.com/news/vladimir-guerrero-jr-needs-to-adjust-to-pitchers