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Not sure that is a power steering pump.
There is a rod from the carb going forward to what-ever-that-is in the power steering pump location. Perhaps some kind of rpm sensing - adjusting device?
Also sloppy execution on the exhaust, look at the hose clamps over some metal wrap for the exhaust connection just after the exhaust manifold.

Yeah, it's the governor to keep the generator sync'd. The hose clamps seem to be holding some fiberglass or asbestos heat wrap.