Is he playing at an MVP level? Yes. Will he win it? Not if Luka keeps averaging 35 a game with a 61% TS and a nearly 40 usage.
His play making actually seems a little down to me, but that might just be because he been so efficient that passing is often the wrong play for him. The biggest difference from last year is he's shooting way more FT's, which is huge, but we'll also see if it keeps up. He's gone through streches where he shoots a lot before only to fall off.
Two things seem unsustainable to me. He's shooting 80% at the rim, he was 74% last year. 80% is like Giannis levels of finishing (granted, a much lower frequency but still). And 53% from long 2, where he's never been better than 42%. Both of those numbers will come down. But even if they do that might move him from like a 65% TS to a 61% or something like that, still elite at his usage. Basically if his FTr keeps up he'll b in the conversation and it would help alot if the c's finish with the 1 or 2 seed.
I'm not sure MVP voters look into the detail of stats, especially advanced stats, that you are here. I think they look generally at counting stats, team wins, clutch performances, the concept of importance to the team and how much media attention a player is getting.
A lot of players during MJ and Lebron's primes got tons of media attention for teams with outstanding seasons, but generally, MJ and Lebron had all the stats, especially advanced stats and were easily the best players in the league, but didn't get the wins.
If Boston wins the East with 57-60 wins, Tatum goes for 30/8/5, he has some huge national TV wins and continues to get lots of attention in the media, that's how he will win.