Answered
Here’s where the presets are stored!
Open your file explorer (PC) or Finder (Mac)
Navigate to Documents > Adobe > Premiere > 26.0 > profile-[name]
There is a file in the profile folder that ends in .prfpset
The .prfpset file can be deleted to remove the Custom Bin from the Effects panel.
Restart Premiere after you delete the .prfpset file to see the Custom Bin removed from the Effects Panel.
Here’s a screenshot of what it looks like on a Mac.

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