The GM New Vehicle Warranty is intended to cover defects in materials and workmanship, not ordinary "wear and tear." The Volt’s high voltage battery is not a storage tank for "raw electricity," but rather a container filled with chemicals capable of creating a chemical reaction; chemical energy is converted into electrical energy (and electrical energy is converted back into chemical energy during recharging). Over time that chemical environment degrades; the capacity to convert chemical energy into electrical energy is reduced, resulting in loss of ev range.
If all cells lose capacity over time at about the same rate, the result is simple loss of range over time. This, I suspect, should rarely result in a loss of capacity large enough to meet GM’s warranty terms in a new Volt’s first 8 years of life. An uneven loss of capacity in the cells over time, on the other hand, can lead to the issues that may qualify for warranty coverage (i.e., could be evidence of defects in materials and workmanship).
GM’s battery warranty coverage language listing a simple loss of capacity limit (40% for Gen 2, 30% for Gen 1) was perhaps included for marketing purposes, not expecting any Volt driver to experience such "wear and tear" within the first 8 years. I note the 2019 warranty booklet for a Subaru PHEV says, "the battery will experience natural and gradual capacity loss over time... This gradual capacity loss is not covered by any Subaru warranty." The 2025 model year warranty guide for Ford cars and trucks states, "The high voltage battery will experience gradual capacity loss with time and use (similar to all lithium-ion batteries), which is considered normal wear and tear. Loss of battery capacity due to or resulting from gradual capacity loss is NOT covered under the New Vehicle Limited Warranty."