Yeah, I'd guess its most likely the carrier is now throttling you, possibly due to increased prevalence in the area (if you were using a 5G device, as more and more people got 5G phones it started adding congestion, although most likely they're doing it simply because they can and they want to push you to pay up more or move on so that they can add a customer that uses less data).
I think quite a bit of them were allowing pretty unthrottled 5G initially trying to get people to upgrade, but now they are quite aggressive at throttling. They're pulling the same with 5G home internet, where they were allowing true unlimited data, but they're now implementing caps (~1200GB/month).
It is absolutely not a technical limitation (that they began offering unlimited home internet service while claiming they're overcongested should be a tipoff of how BS that claim is), they're doing it just because they can, hoping they can force people to pay up more. The FCC (under Democrats) have been trying to build enough leverage to stop this, but they either get hamstrung by courts (often Republican ones that flip-flop between recognizing internet service as a utility like communication, or a data service, depending on how ISPs are lobbying them to view them), by Republican interference (them refusing to hear nominations for FCC seats for instance, or screaming that any remotely pro-consumer nomination is the devil incarnate - frankly that's only somewhat hyperbolic). If you don't like bringing politics up in it, then take the issue up with those making it that way vs a simple consumer rights vs widely despised greedy corporations.
It could be the carrier slowed things down. Sometimes they'll reduce tether speeds or require a separate data bucket for faster speeds.
My way around it for other reasons was to get a USB sled and a separate modem to unlock 24/7 tether at full speeds.
What service allows that? (Not meant accusatory manner or like "nuh-uh, just wondering.) In the US, Hotspotting is locked pretty hard, and even buying a dedicated Hotspot device/modem does nothing once you use your data allotment which is often quite low (and often costs more than just doing it via your phone anyway). And they're straight screwing people by claiming you get "unlimited 3G" Hotspot after you use your 5G/4G LTE "premium data" allotment, but its often like 128-512kbps which is functionally unusable for the modern internet.