Thanks for the replies. After removing the cover for better light, it is clear that the part is the "tension release bar" or part 24, 25 or 26 in the thread tension parts diagram. My thread tension release still works and I can see the tension disk get displaced when I lift the presser foot. So the tension release bar is intact but just moving around too much.
At least on the Juki 1541 (a little different than the mechanics in the video), the presser foot lever seems to directly move the part that the tension release bar is interfering with, so it isn't clear how to adjust so the bar cant get out of position.