Dave Chamberlain wrote:

Here's what's happening: The wheel protector, while not showing much
age (no cracking, still pliable) seems to have lost it's love of life.
It is tightly wrapped on the wheels when they are not in motion, however,
while using the saw, the top one seems to shift and almost come off.

One more thought he You described them as being tight, but if they
are moving while in motion, I'd guess they are stretched and not tight
enough. The muscle and leverage required to put these things on gives
you an appreciation of just how tight they are supposed to be.
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