I have noticed 3 of the 6 cameras now have the same issue. I’m wondering if it’s something in the firmware. I installed these last week on the day the most recent firmware was released. It took hours before these 3 cams were back online. The other 3 went through the update without a problem. I’ve also noticed that switching to night vision makes the video crystal clear and the bit rate jumps up to where it should be. 
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That’s exactly what I had. Have you flashed the firmware yet to test it?
https://support.wyzecam.com/hc/en-us/articles/360009490871-Camera-firmware-flashing-instructions
That’s definitely not like it should be. I’ll send in a bug report. If you’re up for it, flashing the firmware like Demonfire is recommending may help out.
EDIT: @SolarGoat, could you please tell me which app and firmware versions you are using?
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Firmware 4.9.4.28
App 2.1.26
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Thank you! I’ll send it in now. 
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A year later, any answer?
@UserCustomerGwen, I can confirm that on the latest v2 firmware (4.9.5.111) the said issue is still actual: HD+Nightmode = 120+KB/s, HD in normal mode = from 2 to 20 KB/s with excessive pixels and grains.
Downgrade to SD shows 60-80KB/s on the same scene.
How the bug is going?
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I haven’t heard an update in a while. I’ll send this over to the team in case it’s something they thought was resolved earlier.
Any recommendations for an adapter for me to use to view the microSD card on my computer?
I had one from Amazon called Vanja and it worked once. After that, the micro SD card wouldn’t fit in the slot. I ordered a replacement and the SD card slot would not let me put in the WYZE 32 GB micro SD card.
Hi @asianfca! I use a mSD card reader similar to this one and it works great.
ERCRYSTO Card Reader and 3 Ports USB Hub, High Speed
Finally, I’ve figured out what the problem is: power.
Either with a crappy 500mA power supply and a good thick cable, or with a default 1A supply and long thin cable, I can see a lot of missed frames from ISP, resulting low fps in the output mp4. It looks like some chip inside (I bet it’s mister Image Sensor itself) is very sensitive to good constant current.
Long 10+ meters cable requires a fat 2+A power supply to get rid of such low-bitrate\low-fps artefacts.
“Check cables first”
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A year later and I still have the same issue even when using Wyze supplied power brick and cables.
4 of my 7 cams have lower bitrate in HD than they do in SD. 
I’m also having this problem. Much higher bitrate in SD than HD.
@UserCustomerGwen I am also experiencing this issue on my Wyze Cam v2. Basically 360p (38-68 KB/s) differentiates details better than SD (60-90 KB/s) and HD (0-28 KB/s)settings. However, when enabling night vision mode, HD looks like true HD (90-117 KB/s).