Most likely, this is the result of a failed turbocharger.
Sometimes the bearings fail which damages the impeller fins and somtimes the turbo stops turning altogether. We check them buy pulling a baggie filter and shutting down the engine then watching to see how long it takes the impeller to slow to a stop. We can usually spot any obvious damage at this time.
It may be warped baffles on the exhaust side of the turbo also. This would keep the turbo from coming up to the proper speed and not pumping enough air.
It could be another problem such as plugged intercoolers,plugged air filters, broken injector tips, or a problem with the rack linkage but , with this model of locomotive, I'd bet on the turbo being bad.
On units with electronic fuel injection, plugged fuel filters or intercoolers and broken injector nozzles are a pretty frequent cause of smoke and fire at the stack .
I'm sure there are other possible reasons but , from my experience , these are the most likely. One thing I've learned is that just when I think I've got them figgured out, I stumble upon a problem I've never seen before. Thats what keeps it fun!