Two things are happening. Heat and reduction.
Not everything in the liquid goes up in the vape. If 99.99% goes up, then there is 0.01% that doesn't. Much like reducing a sauce when cooking. But much more subtle. (In a way, fractional distillation.) Some juices need more heat to vape well, some can vaporize with less. This is the same for the components of the liquid.
After a few refills, the remnants are more concentrated with the non-vapable parts of the juice. This is why the flavor changes. This is why occasionally you have to rinse this out of the tank and wicks. The remnants get stronger and more concentrated.
Second, these remnants keep going to the coil and getting heated. They are "caramelizing".
So, these 2 effects together give you darker juice that doesn't vape nor taste like a clean tank with fresh juice.
If it was just the effect of the juice oxidizing, it would darken in a tank without vaping. I haven't seen that.
Every so often, someone has to empty and clean the coffee pot.