Looking like osmosis, but is not there also a phenomen called "solvent blister"? That has something to do with the hardener content of the polyester resin or gelcoat/paint. So it is kind of a laminating job quality issue. The fine cracks does not look like osmosis related. Guess moister content need to be checked and blisters opened before the right diagnosis(and cure plan) can be made. Is this boat 7/24 in water or mainly on trailer?
fun on a boat is inversely proportional to size...sort of anyway