I don't see burning in those pics.
Since you are in there, it might be a good idea to disassemble that thing and clean it up anyway. Then you'll know for sure. If nothing, at least it's preventative maintenance. The gauge lights travel through that junction to ground.
If that junction looks good, there is another one located on the passenger's side sprouting out of the thick wiring harness.. easy to get to and see once you unwrap some of the black protective wrap.
Also examine all wires for fraying or melting of the insulation.
There are also two other common ground junctions to examine in the cab. These two spots are where ALL the grounds in the cab terminate. They are located on the A-pillar on each side of the car and accessed from the floor looking up.
Check the tightness of the 6mm (10mm hex head) bolt that is holding the several-wire junction. If it is not tight (mine wasn't) remove it, clean it and the wire ring terminal up and reinstall it firmly (but don't freaking over torque it!)
Pics below:
Passenger's side grounding junction
Driver's side A-pillar common ground (blue tape on it). Kinda hard to find/see. Rest head on floor, driver's side and look up with flashlight. This view is from a small camera wedged up in there. The view is not as clear when viewed by eye.
Passenger's side A-pillar common ground (easy to see and get to)
A frayed and corroded wire with melted insulation. Look for stuff like this.
