Look carefully.
The job of the bolt is to clamp the center bushing between the frame tabs. There is no reason for it to be tight inside the spacer/bushing. In fact if it is too tight and if it decides to rust up in there, it would be very difficult to remove it.
No the "slop" should occur between the bushing and the body, and if you see it, the arm is worn out.
If the slop is in fact where you say it is, then the bolt is loose. That is not good. It allows the spacer/bushing to move around wearing out the frame tabs, but more importantly it allows the tierod to move around too. And when that happens, the car gets to wandering and following ruts and just generally pissing me off.lol