You can see one easily identifiable piece of debris near the beginning that falls "above" the contrail. It is a large piece of silvery reflective sheet metal that is spinning...the rotation is evident. It seems this is a piece of the outer skin of the craft, possibly a plate from the left wing.
Yes, an optical illusion, *seemingly* rises above, given the direction the main bulk of the shuttle was heading, but was actually moving away laterally for the most part (initially) and appearing to fall above ...