Pulled out the cam lock cams, and there is some wear and burrs. The groove on the cam, for the retaining mechanism, is too narrow on one of the cams for the retaining plunger to fit down into the groove. I don't think this will cause the issue in question, but it does speak to the poor machining of the part, because I'm pretty sure it's been this way since new. On the search for new cams now...
Edit: it seems that there is an ISO standard for these parts. MSC sells USA made cams for $36 each. That's looking like my best bet at this point. It may not solve the problem, but it seems like a worthy upgrade.
Edit 2: bought a new set of cams. Hoping this will improve the action of the mechanism. Of course, that assumes they fit, that is. I checked the dimensions of the ISO standard, against my existing cams, and the dimensions are close, so fingers crossed.