Very Confused!

That illustration is from the 1966 Alternator and Regulator MTSC
https://mymopar.com/browse-mtsc-by-model-year-1966/
One can adjust the spring tension (see page 12), but in this case it seems like its waaayyyy offf.
Another possibility is the fusible link got blown. Therefore the electromagnetic never works. (page 5)
Air gap between the point arm and the coil is on page 13.