That appears to be a "self aligning pillow block steady bearing".
The self aligning happens because the actual ball/roller cage can gimbal within the cast iron pillow,allowing the ball/roller cage to automatically align squarely with the shaft longitudinally.
There are 4 bolt/nut jacks to allow the whole assembly to be raised/lowered/moved sideways to align with the shaft centerline.
From your description,I don't believe you have any problem with it at present.Grease it once or twice a year. / Len
link to an example of the older style non-self aligning babbit steady bearing
https://www.marinesource.ca/products/steady-bearing-1-1-2