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Speculating on what is happening "behind the scenes" is silly at best and stupid at worst, but the up-close look provided by the stream suggests that what we have here is a failure to communicate. As others have noted, everyone seems to be playing well... on paper, in isolation. Phish shows don't take place in your TV in isolation; they take place between four guys on stage, a process that works when listening and in-moment interaction propel them to a higher plane. They are currently just not hooking up beyond "we can do this in our sleep" stock selections from the jukebox.
Panic button time? Absolutely not. Whatever it is that is "off" seems very slight, clearly reparable, and there is no reason to believe that they won't turn things around as early as Friday in Charlotte. The underlying components for great shows are available for use when the motivation is there.
This all comes from a place of genuine love and appreciation for what these guys have provided us for decades, but last night was straight-up, by-the-numbers nostalgia act. Maybe that is enough for some fans, and it would probably be enough for me to go to see them two or three times a year, indefinitely. Must-see TV? Hop in the car and make a last-minute distant weekday show, or fork over big bucks to haul across the country, compelling drama? Not currently. Let's hope the weekend shows break out of this mold. Gotta love The Phish From Vermont and everybody has an off-day, they just happened to pick one in a high-exposure slot. No worries, get 'em next time.