The little red button is a thermal circuit breaker. It "pops" when there is to much current going to the motor or when the breaker itself is bad. Either the motor is bad, something is jamming the motor, or the circuit breaker is bad.
Thermal breakers, when bad, have a habit of popping at progressively lower currents. So the problem will likely get worse.
You could possibly replace the breaker, but a new disposal is more likely the answer.
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