Seepage or leakage to the interior not being mentioned, one could start to assume a void in that area, under that gel coat layer. Grind back and apply glass and epoxy as needed to fill and fair. If grinding into any layers of roving, grind out a scarf slope to give the new glass good adherence.
Interesting... the stuff you run across in a 20 year old hull. I have found equally odd bits here and there -- nothing structural, just signs that some workers on some days were in a somewhat of a hurry to go eat some lunch, maybe.
Sidebar: while our boat was in the yard a couple of months ago, there was an 80's model E-28 nearby getting all the old layers of bottom paint stripped, and I noticed that the owner had epoxy-faired in a small area right around the rudder tube entry. Interesting coincidence. His patch was not structural, either.
Best wishes,
Loren