It's about pH. CO2 creates carbonic acid when it dissolves in water. Your blood pH, in turn, controls how much you feel like you need to breathe. So with high CO2, your respiration rate slows down, and that can lead to low oxygen levels.
Note that the physiology and biochemistry of this is complicated (e.g. blood is a very good pH buffer and it's actively regulated by kidneys etc) and it's very much a nascent field of research, so I think AI will be overconfident and hallucination-prone.
Source: I worked in high-co2 caves for my PhD so have read about this a lot. I always carried a CO2 monitor. Our rule was to get out if we saw 20,000 ppm or greater. I spent thousands of hours above 10,000ppm.
It was the first time that I heard about them. These basically never happen if your body and environment are halfway decent, but they are important in exceptional situations.
Pretty sure I learned the effect was the opposite (high CO2 --> slower respiration). Note that that was ~15 years ago when I would have read that. Maybe I just misunderstood, or thinking has changed.
edit: reading now I see I was wrong about this. Thanks for the correction!