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It could be a few different things.

I'm not sure where you are located, but Phalaenopsis Orchids will not flower, fully, until it receives AT LEAST 12 hours a day of pitch black, darkness. No light Whatsoever.

They are also not suited for full sun, but can handle some window light. They are best suited for dappled light.

They need fertilizer at least once per month, but do best with a foliar spray feeding of 1/2 strength orchid fertilizer spray once every two weeks.

Under, and overwatering are very common. They need to remain moist, in an orchid mix instead of potting soil. Potting soil will kill them by suffocation and too much of the wrong nutrients. They also require a lot dryer conditions prior to setting bloom, without letting them dry out completely.

This article will help you to care for these orchids: https://www.gardeningknowhow.com/ornamental/flowers/orchids/indoor-orchid-care.htm

Repotting can, certainly, help them when done correctly. I would encourage you to sift through these articles for information on how to do this properly, as well as caring for them: https://www.gardeningknowhow.com/ornamental/flowers/orchids/orchid-planting-mediums.htm

https://www.gardeningknowhow.com/ornamental/flowers/orchids/repotting-orchid-plants.htm

https://www.gardeningknowhow.com/ornamental/flowers/orchids/phalaenopsis-orchids-post-bloom.htm

https://www.gardeningknowhow.com/ornamental/flowers/orchids/roots-coming-from-plant.htm

https://www.gardeningknowhow.com/ornamental/flowers/orchids/beginner-orchid-growing.htm

After doing research, I read the plantlet should not be removed till it has leaves and roots. Removing it too soon can weaken the plantlet and cause it to die. Since yours is on a stem in water, I would try to keep the stem alive as long as possible. Change the water every day or two to prevent bacteria buildup. You also can recut the stem at a 45 degree angle to increase water uptake. Hopefully the plantlet will continue to grow before the stem fades.
https://www.gardeningknowhow.com/ornamental/flowers/orchids/orchid-keiki-care.htm

This article suggests that with the most common strains of Phalaenopsis, it's OK to cut the stems back when the bloom is finished. There are also instructions on how to rebloom your plant. Enjoy your orchids.

https://www.gardeningknowhow.com/ornamental/flowers/orchids/phalaenopsis-orchids-post-bloom.htm

It isn't extremely common, but it does happen. The flower is probably sterile, and won't produce seeds but is nice to look at.

It may show up again, or you may never see the trait again.

This collection of articles will help you with orchid care:

https://www.gardeningknowhow.com/category/ornamental/flowers/orchids

Keiki!!! Its the start of a new baby orchid clone. It is propagating a copy of itself.

Wait until it is fully formed, and looks like a miniature plant. Then you can transplant it into its own container.

Here are some articles that will help:

https://www.gardeningknowhow.com/ornamental/flowers/orchids/orchid-keiki-care.htm

https://www.gardeningknowhow.com/ornamental/flowers/orchids/how-to-plant-an-orchid-keiki.htm