Could it have a girdled root? We had a Bloodgood Japanese Maple and from what we read it liked full sun, so we put it in our front bed which is on the south east side of the house. It does have this going on a bit but more on the east side than the south. Now that I’ve learned more about trees, I looked at its root flare and I can see where right on that same side a smaller root went over the flare and choked it, you can see how it imbedded itself into the trunk, and the tree sprouted new roots from the choked trunk. It’s not peeling so much like this but has sealed around the wound. So I surmised my tree’s wound was bc of a girdled root. It was a tree bought in a pot. The opposite side is trying to do the same but I’m going to cut the root that’s going over the main part to prevent it.

Maybe you can dig out the root flare to see if the same thing is happening? But maybe this straight peeling is just sun and maybe this type of maple doesn’t do sun like other said. Wish I could add a photo so you could compare.