AFAIK coconutBattery is this following command
ioreg -w 0 -f -r -c AppleSmartBattery with a fancy UI and the ability to keep the histogram. With the output you can extract "AppleRawMaxCapacity" which is shown at "Full Charge Capacity" at coconut and "DesignCapacity" being a fix value depending on the model you acquire, from there, calculating the % is quick. Current charge is shown under "AppleRawCurrentCapacity"
On the other hand, if you have "Optimized Battery Charging" checked under System Settings, MacOS will learn from your usage and will alter that number trying to preserve the max amount of battery, hence, if it's used mostly plugged-in, it will decrease the real AppleRawMaxCapacity to avoid over-charge or charge-to-the-limit. Not to mention, this requires some cycles to kick-in and some learning, had a 14" M1 Pro that lasted 10 cycles to start managing the battery in a consistent basis and also trying to hold the 80% charge till full. With this 14" M1 Max, I'm not using it that much on battery and still didn't learnt my habits completely after nearly 2 months. Using it mostly in clamshell mode and just 7 battery cycles.
Despite that, I've ran that command several times on this new one and I've seen quite a bunch of different numbers, even in the same power cycle. From 6100 max (so nearly 100.5%) to 6018 min (which is closely 99.06%) - these last days I've seen values from 6078 (circa 100.04%) to 6065 ... and right now is 6067 (99.86%) - "MaxCapacity" I think it shows what you can get from the Battery Health menu, cause that number always stated 100 for me as also explained
here
Summarizing, the coconutBattery health can be altered by the Optimized Battery Charging and/or as well due to the chemical properties of the battery, and I'm sure many other circumstances I'd wish/like to know. One last thing as it's mentioned on "AlDente" website for those who use it it's this:
IMPORTANT: Keeping your battery at a lower percentage, such as under 80%, over weeks without doing full cycles (100%-0%) can result in a disturbed battery calibration. [...] so I think, even this behaviour could result in miss-readings on coconutBattery due to that.
TL;DR - I won't worry too much unless Apple's own menu tells my battery is under 80% of its original capacity and needs revision.
edit: Added link