Don't count on the range. Rely on the percentage of charge. After driving the FFE for some time, you will be familiar with the limits.
As for the drastic reduction, all the theories mentioned seem valid possibilities, but I will add that the algorithm definitely looks at the last trip made. If it said you will get 101, then the trip before was likely downhill. Also, if your state of charge is low and you are going downhill, you can see large swings in the reported range. It seems to me that it takes a weighted average. Depending on your state of charge the weighting algorithm applied was different from when you last drove to when you turned it on next.
Anyway, although everyone calls it a "guess-o-meter", it is usually more consistent if your driving is consistent. But as you get familiar with the car's range in your environment, you won't worry so much about what the range says...it is doing what it was programmed to do...take all the data at its disposal and make a prediction based on trend.