Bounding box is WAY too large - reset doesn't fix

I am working with assets created by an outside designer for us. One asset has a massive bounding box for some reason, at least 15x larger than it needs to be, arge enough it covers the entire artboard. There are no effects or anything that should be making the bounding box so large, nothing outside the object itself needs to be retained. Resetting the bounding box doesn't help, what can I do to give this item a bounding box no larger than the item itself?

Thank you.