It's been happening on my Note20 as well. I think I found the setting that controls it, but it's kind of crap for a fix because it disables a lot of other things as well. To get to the setting, open the Gmail app and go into settings. Choose the account-specific settings for the account you are using with Chat. Scroll down about one screen worth and you will see a checkbox option that says:
Smart features and personalization
Gmail, Chat, and Meet may use my email, chat, and video content to personalize my experience and provide smart features. If I opt out, such features will be turned off.
Turning this off will not un-create the random word links it made in the past, but it will stop all future links from appearing. However, doing so will also disable the smart features in other Google products on your phone, as well as disabling features like Package Tracking, Smart Compose, and Smart Reply. So unfortunately, it seems that either you live with the janky, buggy link generation that Chat wants to do, or you have to live without some of the other more useful features you'd find in Chat, Gmail, and other Google apps.