There doesn’t appear to be any bulb, other than the very small volva.
I don’t have a hypothesis regarding whether the cap might have faded. We’ve had a lot of clouds lately and the specimen was under a shady hemlock, so any light it would have received would probably not have been direct sunlight.
The good news is, since this came up in our yard, I can check the area again in the future for more specimens that might reveal additional information.
Unfortunately, it’s not cooperating with a spore print thus far.