Interestingly it looks perfectly normal when opened in the free CapCut, No project settings just dragged on the timeline

The reason is because the NLE detects it's HDR and the HLG variant, and also knows my monitor is SDR, So it's processing and exporting as HDR HLG but I"m viewing as SDR, or change to SDR mode, and it exports as SDR. I know people will argue 'But Vegas is a Pro editor!' you should have to know and create the correct settings yourself. But look at Rogers Vegas Pro Horse and the Capcut horse, look very different

There're 2 ways offering help:
1, find an idiotensicher NLE and enjoy it;
2, study the monitoring + grading tools in VEGAS.

Footage can worry the human-being but not VEGAS.

Assuming the first link is the original file, it's HDR. Are you viewing it on a HDR monitor? Do you intend to output for others to view in HDR? If not, consider non-HDR capture settings on your phone.

Here's what it looks like in my player on a SDR screen.

Not so good.

Here it is after some massaging with levels and curves in Vegas on a 32-bit full (ACES) project.

General
Complete name                  : PXL_20230103_224816837.TS.mp4
Format                         : MPEG-4
Format profile                 : Base Media
Codec ID                       : isom (isom/iso2/mp41)
File size                      : 38.3 MiB
Duration                       : 15 s 902 ms
Overall bit rate               : 20.2 Mb/s
Encoded date                   : UTC 2023-01-03 22:48:36
Tagged date                    : UTC 2023-01-03 22:48:36
xyz                            : +40.0561-74.7855/
SpecialTypeID                  : com.google.android.apps.camera.gallery.specialtype.SpecialType-AMETHYST

Video
ID                             : 3
Format                         : HEVC
Format/Info                    : High Efficiency Video Coding
Format profile                 : Main 10@L5.1@Main
Codec ID                       : hvc1
Codec ID/Info                  : High Efficiency Video Coding
Duration                       : 15 s 902 ms
Bit rate                       : 20.0 Mb/s
Width                          : 1 920 pixels
Height                         : 1 080 pixels
Display aspect ratio           : 16:9
Frame rate mode                : Variable
Frame rate                     : 30.000 FPS
Minimum frame rate             : 27.718 FPS
Maximum frame rate             : 32.715 FPS
Real frame rate                : 30.000 FPS
Color space                    : YUV
Chroma subsampling             : 4:2:0
Bit depth                      : 10 bits
Bits/(Pixel*Frame)             : 0.321
Stream size                    : 37.9 MiB (99%)
Title                          : VideoHandle
Language                       : English
Encoded date                   : UTC 2023-01-03 22:48:36
Tagged date                    : UTC 2023-01-03 22:48:36
Color range                    : Limited
Color primaries                : BT.2020
Transfer characteristics       : HLG
Matrix coefficients            : BT.2020 non-constant
Codec configuration box        : hvcC

Audio
ID                             : 2
Format                         : AAC LC
Format/Info                    : Advanced Audio Codec Low Complexity
Codec ID                       : mp4a-40-2
Duration                       : 15 s 879 ms
Bit rate mode                  : Constant
Bit rate                       : 192 kb/s
Channel(s)                     : 2 channels
Channel layout                 : L R
Sampling rate                  : 48.0 kHz
Frame rate                     : 46.875 FPS (1024 SPF)
Compression mode               : Lossy
Stream size                    : 372 KiB (1%)
Title                          : SoundHandle
Language                       : English
Encoded date                   : UTC 2023-01-03 22:48:36
Tagged date                    : UTC 2023-01-03 22:48:36

Other #1
Type                           : meta
Duration                       : 15 s 902 ms
Bit rate mode                  : Variable

Other #2
Type                           : meta
Bit rate mode                  : Constant

I am not viewing on an HDR monitor. Your suggestion to turn off HDR capture on my phone was an excellent one. Thank you. Problem solved.

Interestingly it looks perfectly normal when opened in the free CapCut, No project settings just dragged on the timeline

The reason is because the NLE detects it's HDR and the HLG variant, and also knows my monitor is SDR, So it's processing and exporting as HDR HLG but I"m viewing as SDR, or change to SDR mode, and it exports as SDR. I know people will argue 'But Vegas is a Pro editor!' you should have to know and create the correct settings yourself. But look at Rogers Vegas Pro Horse and the Capcut horse, look very different

Thank you for taking the time to respond. Yes I realize there is a mismatch in the video settings between Vegas and the clip. I should have communicated my question better in that I was wondering how the online Google video player was able to output the clip "correctly" from a viewing perspective on my non HDR monitor while Vegas and Potplayer were not.

The simple solution as indicated above was to turn off HDR on my phone!

That's the easiest approach and what I do with my own Pixel. Someday I'll get an HDR display but until then!

I was wondering how the online Google video player was able to output the clip "correctly" from a viewing perspective on my non HDR monitor while Vegas and Potplayer were not.

The simple solution as indicated above was to turn off HDR on my phone!

They make an 8 bit SDR version for the player, the same as when you upload to Youtube, Most phones you'll get the HDR version, while most computers will only see the SDR. For that reason I think it's best to record in 10bit for maximum quality but using HLG in Vegas for SDR or HDR output isn't as easy with other editors.

The capcut version I uploaded is not color graded, and it's levels are not perfect, but starting from this point looks to be a much easier process than with Vegas, and maybe that could be approved upon

With the additional information provided from this post I was able to search up and find a lut that does a good job of converting this profile to 709. Some are selling them for around $10 but it's easy to find a free one that looks good.

I do like the extra latitude afforded by the HDR video when editing.