I think this is what happened. Steph started the season on fire, he's regressed to the norm a little and maybe a little below averages for a bit. Sample sizes are needed. He looked like a MVP player the first 5-6 weeks, he hasn't the last 5-6 weeks. He's still a great player, but if the season ended today, no, Steph isn't nor should he be one the top names for MVP, at least statistically. Jokic, Freak, Butler, KD, and then you have gaggle of other guys like Steph, Lebron, Embiid, etc. But we also know that the MVP voting is based on narratives and expectations. The Warriors are outpacing expectations, the Lakers are underperforming. The rest of the guys are probably leading their teams to expected consequences relative considering injuries, COVID, flat-earthers, etc.
Overall, what it does, is set up a really intriguing back half of the season where probably 5-6 guys could make legitimate charges for MVP including Steph and maybe Lebron if the Lakers went crazy in the 2nd half (something I don't expect). Freak has won, Jokic has won, Steph has won, KD has won respective MVPs so there's not that fresh face either unless you want to consider Jimmy B, but he's probably been hurt too much.