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If it were me, I would remove the shock and mount in a vise and begin to isolate variables since that it how it was tested by EXT (sans the bike). They really know suspension tech and that means quality testing. Does the shock click without the spring? Does the rebound sound happen at all rebound settings? Are both end...

A device that converts the hydraulic actuation of Rock Shox Reverb posts into mechanical.

Agree that it is noisy but I knew that before getting it. The tech that is in this trickles down from much bigger and more serious racing machines where the sound doesn't obviously matter. EXT is actually designed to make the oil movement more turbulent. I bet the normal big shock brands work to make theirs quiet at the cost...