Has something happened with him that should change what people think his ceiling is? I haven't heard anything in particular about him. So if you think he was really good, you should still think that.
I think it's a few things working in concert. Firstly, I just think that there's impatience for huge numbers and consistent offensive dominance from any top pick. It's unfair and frankly, Edvinsson is doing really well so it shouldn't be effecting him much, but that always contributes.
Secondly, I think that there's a sort of identity crisis with him and the fans. I was super bullish on Edvinsson in his draft year not because of the Hedman-esque puck rushes, but because of the way his skating and size let him totally lock down a defensive zone. At the time, he was prone to defensive mental mistakes-chasing people out of position and getting caught in no man's land- and thus in the public discourse got labeled as an offensive defenseman. Sometimes he does play with a lot of risk and carries the puck up ice all the time, but as he's developed, he's been playing a more mature game. If you go into watching just a few games expecting him to rush it all the time and he's playing more responsibly, he doesn't jump off the ice with the same pop.
But his defensive game is getting really good to compensate and he really did used to play with too much risk. I think he's still figuring out how to pick his spots for rushes. He either overdoes it, or plays too safe. I'm not worried about this though, but I can see how someone who watched highlights from his draft year and caught 3 games this year might feel like he's not developing how he should. We're trying to develop him into a true two-way, full ice impact D and I think depending on what he's focusing on improving at any particular time, you can get fairly different viewings.
I also think that his offensive skills haven't developed much more pop though. He passes, shoots and stick handles well, but he's not a highlight machine and I don't think that's where he's focusing on improving. He's making steady progress in all of these areas, but besides his skating, his offensive game is a little understated. Someone expecting Dahlin or Q Hughes might find him to be disappointing as a result, but I think that they're missing just how globally dominant he's becoming.