I had a compressor that was nearly the same but with a smaller tank, it builds up to pressure and then allows the exess air to escape via a spring loaded valve.
the blow off is not all that obvious in that it is not concentrated in one big discharge.
It sounds like either the inlet valve is not closing fully or has become weak. As the piston comes up some of the high pressure air is leaking back the the air filter, or air is leaking past the piston.