As it turns out, Wellspring of Life has stopped working entirely. Frenzy isn't active, I don't have any other stat boosts that would overlap it, it doesn't appear in my active effects at all. I read somewhere that double clicking items causes passives to not work, I dont know if that means for the item, or passives in general. So either that caused it to stop working, bloodied covers it up for whatever reason, or it just broke for who knows why.
Edit: Blooded is showing up in my active effects, as I'm under 50% health while Wellspring of Life isnt.