What is this colour blocking/ banding i'm seeing and can it be corrected for? See the attached image to see the artifact I'm refering too. There appears to be blocks of oversaturated blue in the water. I'm fairly new to video editing, so I'm not sure which terms to use to describe it. I do have reasonable photo editing experience.

The footage is take from a mavic 2 pro, recorded in raw (DLog-M). The artifact is visible in the raw footage, though to a lesser extent, and the application of the LUT and basic correction in Premier Pro makes the artifact more obvious (to me).

Anybody know what terms I should be using to describe this (to help me search for solutions better).

Also any ideas for how to fix or reduce it, either now in post, or in-drone/ in-camera setting for future footage, would be much appreciated.
This is most likely a compression issue from chroma subsampling and 8-bit log footage. Log footage does have very little contrast and saturation so that it does not clip. However, that means that your colors are compressed into a small range of possible values. By applying a LUT (or adding contrast and saturation) afterwards, you basically reverse that but lose the interpolation between the colors and therefore create banding.