That "knob" is adjustable, you must FIRST sight the rifle in for 50 yrds., ignoring the knob, and then loosen the top serrated screw, slide the scale around until the pointer is at 50 and THEN tighten the top screw. Now you have a referance, which may or may not be correct when you move the knob to 75 yrds, for instance. And this will have to be done again if the scope is put on another rifle and even double checked if removed and replaced back on the same rifle.
The obvious is ---if the mount was bent it would throw windage off, not elevation.