Although there are a few ornamental trees with peeling bark, it is not a good sign for dogwoods.  We can't say from a distance exactly what is going on with your tree, but dogwoods can be prone to multiple issues, especially as they age, including canker diseases and boring insects. If they are stressed by abiotic factors like drought, being planted or mulched too deeply etc., problems become even more likely.
See here for info on dogwood insect pests, paying special attention to borers, which can cause bark disruptions: https://extension.umd.edu/hgic/topics/dogwood-insect-pests-identification-and-management
Do some detective work and look for small holes from boring insects, and check to see that you can see the root flare that widens where the trunk goes into the ground.
If it goes in straight like a telephone pole, it is too deep, which can invite pests as well as kill a tree over a relatively long period of time.
Watch for normal leaf size and color and a normal, thick canopy when it leafs out this spring. The third photo shows a limb that looks to have lost a good deal of bark. Branches with missing bark all the way around are sure to die because they can't move water and nutrients well.
If the tree is important to you, we'd suggest having a certified arborist, who is a tree health expert credentialed by the International Society of Arboriculture come and do an on-site evaluation of all the factors, and recommend a treatment plan. You can search for one at the following link: www.treesaregood.org


Christine