Code 0MQ24ZZ (Repair, shoulder bursa and ligament) does appear to be the logical code for the capsulorraphy (glenoid labrum ligament repair).
However, my take on this is to code to the body part "shoulder joint" and not "shoulder bursa and ligament." My rationale is that the Body Part Key table specifically states the shoulder joint includes the glenoid labrum ligament. You can see that under the body part "Shoulder bursa and ligament," it identifies all other shoulder ligaments. So, to me the body part key is making that distinction between shoulder bursa/ligament and shoulder joint.
For what it's worth, the encoder's coding path leads me to the shoulder joint.
I hope I'm making sense.
Tendons, ligaments, bursae and fascia near a joint
B4.5 Procedures performed on tendons, ligaments, bursae and fascia supporting a joint are coded to the body part in the respective body system that is the focus of the procedure. Procedures performed on joint structures themselves are coded to the body part in the joint body systems. Examples: Repair of the anterior cruciate ligament of the knee is coded to the knee bursa and ligament body part in the bursae and ligaments body system. Knee arthroscopy with shaving of articular cartilage is coded to the knee joint body part in the Lower Joints body system.