After reading back more intensively, how long has this tree been planted?
I can't say that leaving this stake with bands on there isn't part of the problem, but something more is making me curious. I worked at nurseries, and for a grower in Tennessee. I have seen where these larger trees are taken from the soil, dressed with burlap and the ropes attached to the trunks for a bobcat to lift for loading. This leads to bard damage to the cambium. The strength straps do cut into the bark and inhibit sap flow and also damage the cambium. As the trunk swells, it cracks and allows entry points for canker bacterium.
I can't forget about tailgate injuries. When the crown of the tree hangs over the tailgate of a truck during delivery and planting.