The custom visual loses the "Visual" tab from its formatting pane in Power BI due to the following reasons:
Custom Visual Capabilities: This visual was probably not developed to have a specific formatting option under the "Visual" tab. Developers of custom visuals must define specific formatting capabilities in the visual's code using the Power BI Visuals SDK. If they are not defined at this coding stage, the tab "Visual" will not be shown.
Version or Update Issues: The custom visual is either outdated and fails to work with the current version of Power BI Desktop or Service, and the "Visual" tab is among the features that may fail to load. Ensure that both the Power BI and the custom visual are updated to the latest versions to avoid such issues.
Corrupt Installation or Missing Files: Sometimes, the reason there is no "Visual" tab could be a corrupt custom visual file or incomplete installation. To correct this, re-import the custom visual or download it again from Power BI Marketplace.
Check whether the custom visual has formatting options in its documentation or release notes, then confirm whether it is a supported visual. For developers, it is critical to ensure the correct definition of the visual capabilities. End users will be advised to update theirs with the latest versions of Power BI and the said custom visual, followed by re-importation to remove the chance of file corruption.