I don't have much to add here.
@happy-diver has the before and after pictures.
Simple run in the ultrasonic with a phosphoric acid cleaner and you'll be good to go.
This is a classic example of steel tank rust being incompletely captured by the sintered metal filter because there was just
so much of it. Traveling at high velocity in the HP compartment, it impacts the reg walls and "paints" the interior. Probably a run of the LDSs steel tanks are flash rusted when they forgot to empty their moisture accumulator and exhausted their filter stack.
No harm done, and it certainly didn't need to be "sent back to the factory", lol! About the only part I think is at risk is the volcano orifice, where the sudden change in direction in high pressure air laden with particles can sandblast the volcano. Might need a new one (dive shop tactic), or a quick Micromesh polish (my practice) . Here's a very early case of it:
As happy said, clean it up and dive.
Oh, and that cough you had for a day after your dive? That was your tracheal cilia and mucus collecting the particles that made it downstream and stuck to your bronchii.
If you have a concern about rental steels, bring a white hankie. Wad it up and do a quick blast open/close of the valve and look at your handkerchief before you set up your gear.
Oh, and it wasn't the Spectre dive boat. You can see the final filter stack they mount on the dock before their whips. They're pretty religious about their supply. The new manager/owner at Bamboo Reef just took over and had some interesting comments about the gas system and repairs he was making as a result of its lack of maintenance.