This is the Touch Sensor used on many 3d printers like our Creatbot F430 & new D600 for the Z axi homing & auto level.
If the probe tip bends or breaks, you can easily replace the probe.
After many months of High Temperature printing, it is common for the probe’s internal magnetism to get demagnetised due to the heat in the chamber.
This can cause it to stop clicking on & off.
Please replace the probe as needed.