SPO List Version History Only Showing Previous Two Versions

I am  running into an issue where my List Version History is only showing my last two updates.  All previous version history is gone.  In addition, I have a column set to append changes and I am seeing the same issue, where only the last two updates are visible. 

Here are my version settings.

Here are my field settings:

Here are screenshots after I made a third update and add something to the Notes field.  Notice Verison 1 is missing in Verison History as well as in the appended Notes detail.

Thoughts?