I have recently started to believe this is a software problem. The volume only seems to drop on the earbud that I am excessively using for volume up/down and song skipping. I will try to confirm during my next few commutes. I have already uninstalled the Samsung Gear app to rule that out as the cause. Usually, when running into work, I do all my music controls on the left earbud. And I often found the volume decline there over the course of 30mins of running. So, this morning I did all my music controls with the right earbud. And I did find the volume drop on the right one this time. Very weird! I don't understand why the earbud would drop in volume while I'm just performing standard music control actions. I will try to reach out to Samsung support about it, too.
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