That looks like the common purple gorgonian that is photosynthetic.
If it is purple and extends brown fuzzy polyps when feeding that is likely what it is.
When you see it recede like that, the listed possibilities are dead on, one of those four things would be the problem.
You can try to stabilize/fix the conditions and you might also snip a piece that still has the flesh on it just below where you see the branchy underneath...(you'll glue where there is no flesh) and make a frag just in case.
Mine like this seems happy sometimes and not at other times but I've not had the tissue recession like that. I keep it in relatively but not direct high flow and I supplement my tank quite a bit with zooplankton (Marine Snow), pods and phyto as well as feed cyclops/mysis/oyster eggs.
These photosynthetic gorgonians can be pretty darn hardy and it wouldn't surprise me if you can save it.
I have a non-photosynthetic blueberry gorgonian I've been pampering of late, much more difficult to sustain and I'm tracking it pretty scientifically to see if I can get it growing (the true sign of health.)
Hope that helps.
-Bill