It could be in the head but if the compressor was returned due to a bad pulley then the pump likely has very little time on it and is likely good. This is basically assuming we have a new compressor with one flaw, a bad pulley. The pulley is replaced but things aren't working right. So I would be checking the parts of the system that could be impacted by a pulley change. That could be a wrong sized pulley (unlikely if this is an oem part). It could be a bad/slipping belt. That could be due to either a loose belt or a damaged belt.
Listening to the compressor as it fills might tell you something. Just after it starts until the end the pump beating sound should be consistent. It shouldn't show as it get higher in pressure.
Now it is possible something else happened to this compressor. Did the flywheel get damaged in shipping? If yes, how and could that have damaged the pump? It might be worth pulling the head to check the valves. I'm not sure if that would require a new head gasket. An extreme move would be too replace the pump with one of the HF 3hp pumps. They work well enough and are only a bit over $100 when you apply a HF coupon. Still, that wouldn't be my first choice.