Pull the horn wires off. With a test light, hook both horn wires to the test light, press horn button. Did you get the light to come on? Yes. Then it's the horn.
With the set nut loose, turn the adjust screw in like a 1/4 turn or less. Hook the wires up to the horn. Press the horn button. Unless you have someone hold the horn button down, you can move the screw [in or out] until it starts to buzz, then beep kind of adjustment.