Hate to be a PITA, what's the valve seat look like.. I see a small nick out of the valve just to the right of the chunked out part but, it's not part of the seat. This one doesn't look like it's been seating for a bit as there is quite a bit of crap built up. That could just be from trying to run it while diagnosing but.... I'm tempted to say from the looks of the valve and the lack of other damage any where else, the valve just failed. Maybe to much valve slap from mal-adjustment but, that should show in the seat. What does the stem head look like?