Q.My Water Lily Leaves Are Coming Up Deformed. Can You Help Me With Why?
One from last year, one new this year. It’s 2 out of my seven that are doing this.

Certified GKH Gardening Expert
Unfortunately, this looks related to crown rot. You will want to lift the plant, and soak the entire root mas in fungicide, or get rid of the plant, completely.
Here are some articles that will help:
https://www.gardeningknowhow.com/garden-how-to/info/using-fungicides-in-garden.htm
https://www.gardeningknowhow.com/ornamental/water-plants/water-lily/growing-water-lilies.htm