Big difference between regenerative braking (i.e., regen) and Mountain Mode recharging...
When the Volt is slowing down, or descending a hill, the car’s momentum can transform the primary electric motor into a generator, recharging the battery.
When you switch to MM, the ICE is clutched to the secondary electric motor to work as a generator to recharge the battery.
When regen happens during Electric mode driving, the kWh Used number can go down (kWh Used = grid power used less regen added) and using it will increase the number of electric miles driven. If it happens during Extended Range mode driving, the kWh Used remains where it is and using it adds gas miles. The Volt will regen the same and subsequently travel the same distance in both driving modes using that battery power. The car doesn’t care if it’s counted as electric or gas miles.
MM, if necessary, will recharge the battery to create a buffer of power to be used when high power demands require more power than the ICE output is capable of delivering. Gen 2 ICE output is more powerful than Gen 1's, and the need for this buffer of extra emergency power has been reduced, if not actually eliminated (fewer driving conditions exist where it might be needed). Your 2016's MM buffer is only ~2 bars of power (~9 ev miles), whereas your 2014's was ~4 bars (~14 ev miles). If you switch into MM before the battery soc has dropped to the MM-maintained level, your Volt remains in Electric mode until the soc drops to that level. It then switches on the ICE, using no more gas than Hold mode would unless high demand driving conditions use some of that reserved power. It normally doesn’t recharge the battery unless you switch to MM after the soc has dropped below the MM-maintained level. Because MM recharging occurs when driving in Extended Range mode and uses extra gas to do so, distances driven while using it will count as gas miles.
Your full charge range estimate is based on historical data regarding your driving habits. Once you start driving, it becomes an "on the fly" estimate influenced by the driving conditions you are experiencing. When the estimated range increases, it’s often based more on the current conditions than on any regen put back into the battery. Driving downhill, for example, will increase the estimate not because you’ve put some regen into the battery, but because the car thinks you’re going to keep driving downhill, and downhill mileage is better than level terrain mileage.