From what I remember about Phil Wood sealed, square taper BB units, there is no fixed cup side; they both thread into the shell like the one you have pictured. The excess you see is because (presumably) someone set the chain line up properly on the drive side which shifted the the BB toward the NDS. That's as far in as that cup will go, you can actually see the BB unit snug against the adjusting cup.

You can double check your chain line pretty easy but if you don't have any shifting problems I'd leave well enough alone.