I think you're talking about delamination. The sidewalls are constructed with a internal frame, insulation, laun plywood, then fiberglass mat and gel coat as the outside finish. Water getting in the wall structure can cause the plywood to swell and crumble, causing the imperfection you see on the outside surface. The water entered perhaps at the roof joint, top of a window or other item piercing the sidewall. Keeping a close eye on the integrity and caulking is the only prevention.
Once delamination has started, the only sure remedy is replacing the wall panel, an expensive solution. Folks have tried injecting epoxy, gorilla glue, and other solutions, but if moisture is trapped, mold and rot can continue.