I'm glad someone else with a 20+ Denali has finally spoke up! Mine started doing it about 1yr ago and have been slowly getting worse. I have done a lot of digging on this and if you look at any of the same wheels on a mid year '21 and up you will see that the dark silver is a different shade (lighter) and it almost has less sheen to it. Mine has more or a dark charcoal "liquid" metallic and the mid '21+ wheels have a medium silver that has more visible "flake" to it instead of the liquid metallic look. I have googled MANY used 20+ denalis to look at the the differences in the wheel color and it supports my theory. I have also seen a fair amount of '21+ in person that I can say follow what I'm seeing. None of them have had this peeling or chipping going on. I even went as far as checking all of the VIN numbers for which RPO and part number the wheels have, and all 20+ Denali VINs have the same wheel part number and RPO code, but I can tell that something changed with the wheels(probably on the wheel manufacturer side cuz GM doesnt make their own wheels). I have showed my local dealer(good place) a few times on different visits and they have admitted they see it and have supposedly documented it but they told me it needs to get worse before they can submit it for warranty. I only have 17k on mine, very well kept, very easy miles, never been on gravel, etc. My B2b warranty ends Jan '24 so you better believe I will be barking that tree towards the end of this summer so they can do something about it. I also had a '17 Denali that also had the infamous peeling wheels and they "reclear coated" them at their GM body shop and it came out very nice.
Take some pics and post them if possible. I will get some of mine