Hello:
JY wrote:Initially I thought it was a pressure limit, but I'm getting full pop from the pump ...
I have never seen one of these but my take is that if it is on the business end of the pump and water goes through it, it can't be but a valve that will open when the pressure reaches a certain (fixed or adjustable) value. It does not seem to be an OVP as I see no overflow exit in the photo you posted.
Please look for a screw or bolt head inside or outside the valve body (the arrows in the photo indicate the possible locations) to regulate the spring inside the valve. If there is one, it will probably allow you to take it apart for cleaning and maintenance.

If you can disassemble it, try cleaning it in hot vinegar.
It's most probably stuck 'open' 100%, hence the
full pop you describe.
Cheers,
CIV