Carl,
No, the square slip-in hub (Flo-torque) can't slip without actually breaking first into pieces, and I would rule out a bad coupler since you have successfully powered up from slow to wide open throttle w/o a slip and if it was a coupler you would be smelling burning rubber.
I would venture to say you most likely caught something around your lower unit that was short enough not to tangle up into your prop but large enough to deflect clean water to it, something like a clump of floating algae/weeds or a thick plastic bag that once contained ice that was thrown overboard by someone, maybe even a big dead fish.
I've fallen victim to those items many times, and I usually clear them by stopping and backing up a few feet then proceed forward the same as I would to clear a blocked speedo pick up.
Think Fast, Live Long!
Humor Helps.