Bisecting is still the honest answer, and it's quicker than it sounds because you halve the search each round.
Context menu handlers are COM objects loaded into explorer.exe. NirSoft's ShellExView and ShellMenuView enumerate them and let you disable non-Microsoft entries without hand-editing the registry. Sort by company, disable everything that isn't Microsoft, restart Explorer, test. Fast now? Re-enable half, test again. Three or four rounds and you have a name.
Two cautions. Don't bulk-disable Microsoft-signed entries. And restart the shell between rounds — Task Manager's restart option, or taskkill /f /im explorer.exe then start explorer — otherwise you're testing a stale explorer.exe that still has the old handler mapped.
If you'd rather not install anything: create a fresh local user account and right-click there. New profile, most per-user handlers gone. Fast in the new account means it's something in your profile. Still slow means machine-wide, or the item itself.