This is an awkward outcome of the way the charmhub "works" with tracks and the OpenStack's original plan of keeping the 'latest/stable' track as compatible with Juju 2.8 which was not track-aware, and originally worked with the charmstore (predecessor of the charmhub).
Thus, as @freyes mentions, the latest/stable version of the charm is in a juju 2.8 compatible "old" 21.10 charm. Essentially, people should never install latest/stable, as in this case, it caused an installation of vault 1.10 which the 21.10 charm was never designed to install (so it's dumb luck that it worked).
Note that this is only a problem on focal and older. On jammy (base 22.04) there is not charm available on latest/stable.
The bug, as @freyes, points out, is that the latest/stable charm tracks the 'stable' snap channel for vault; what is very curious, is that, IIRC, it also doesn't allow upgrades to the snap. It prevents it from upgrading/restarting and so locks the version of the snap to the one it installed with. Unless just testing vault, the config value should be set to an explicit track (which is done automatically with the charmhub tracks) so that unexpected upgrades don't occur.
Anyway, we need to work out a strategy for what to do with the charmcraft tracks; I think we should set the default to something other than "latest".
This is an awkward outcome of the way the charmhub "works" with tracks and the OpenStack's original plan of keeping the 'latest/stable' track as compatible with Juju 2.8 which was not track-aware, and originally worked with the charmstore (predecessor of the charmhub).
Thus, as @freyes mentions, the latest/stable version of the charm is in a juju 2.8 compatible "old" 21.10 charm. Essentially, people should never install latest/stable, as in this case, it caused an installation of vault 1.10 which the 21.10 charm was never designed to install (so it's dumb luck that it worked).
Note that this is only a problem on focal and older. On jammy (base 22.04) there is not charm available on latest/stable.
The bug, as @freyes, points out, is that the latest/stable charm tracks the 'stable' snap channel for vault; what is very curious, is that, IIRC, it also doesn't allow upgrades to the snap. It prevents it from upgrading/ restarting and so locks the version of the snap to the one it installed with. Unless just testing vault, the config value should be set to an explicit track (which is done automatically with the charmhub tracks) so that unexpected upgrades don't occur.
Anyway, we need to work out a strategy for what to do with the charmcraft tracks; I think we should set the default to something other than "latest".