Looks like the "c" metal spring is broken in the picture. (at the bottom of picture) looks like the end of it has broken off.
Excessive wear on the bow ties edge can cause this to happen quickly.
I just checked mine for comparison, and I don't think it is broken, just hidden due to the rotation angle.
The original picture isn't clear-enough (lighting/shadow) to be conclusive, but the C-clip may be upside down ? The bevel should be visible from the outside to ease entry.
I have been using Speedplays for a lot of years and never pulled out even once. But I suppose some people flail their ankles more than others.