If the unloader is faulty, I would expect to hear air coming out while the pump is running. If air is coming out more than a few seconds after the pump shuts off, the I would look at the check valve. The unloader is designed to bleed off pressure between the check valve and head. So if it's bleeding off while running, then the unloader may be sticking from dirt, gunk, oil sludge , etc as others have stated. I have had a compressor with centrifugal unloader, but never had to work with them. My guess is the weights keep the valve shut while running and then the valve opens when the weights slow down from the pump cutting off.
Take note how they come apart or google it. I doubt centrifugal unloader a are wildy complicated.