Looks like an EDPM rubber roof and the white outer coating is almost gone. Dicor makes products for renewing the white coating with new EDPM rubber coating. The cleaner/activator softens the surface of the rubber base enhancing the bond of the EDPM top coat. One thing to be warned about is as the activator softens the base rubber, it can wrinkle and bubble and its easy to panic thinking the roof is ruined. As the new coating cures, the roof returns to normal and the wrinkles and bubbles fade away.
https://dicorproducts.com/product-ca...tore-products/
I restored a roof on my previous coach and it wasn't very hard or that costly especially when compared to the price of replacing the rubber roof.
A bubble is difficult to diagnose. How large is it? Where is it located? Could be the adhesive has let go, or a failure of the wood underneath. If the bubble is small and the surface underneath feels sound, I'd just keep an eye on it to see if it grows.