What do you have set on this setting?
Video stabilization is currently on but sometimes I have it off. Don't recall if on/off when it happened.
Also received a reply in official Google Photos community:
"At the moment, there isn’t a way to truly lock the Pixel camera to 60 FPS.
Even with “Optimize FPS” turned off, the Pixel Camera app still makes automatic adjustments in the background. If the camera decides that lighting conditions, stabilization, heat, or power usage aren’t ideal, it will switch back to 30 FPS on its own. Unfortunately, this can happen without any clear warning, and the setting doesn’t always persist between sessions.
Low or mixed lighting (like indoor restaurants), HDR video, higher resolutions (especially 4K60), or a warm device all make the camera more likely to fall back to 30 FPS. That’s why you may see 60 FPS working fine in some dark outdoor scenes but not indoors.
Right now, the only real workarounds are:
Double-check the FPS setting before recording each time
Use 1080p instead of 4K when recording at 60 FPS
Avoid HDR video when possible
Keep the phone cool
Try a third-party camera app if you need stricter manual control (with the trade-off of losing some Pixel processing)
So unfortunately, this is expected behavior with the Pixel Camera app rather than a bug or a hidden setting you’re missing. The only permanent fix would be for Google to add a true “lock FPS” option in a future update."