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I'm guessing it is more of an impact damage which caused the gel coat to lift in an area where it wasn't bonded to the hull--more like the problems Sean Sullivan has had with his gelcoat popping in areas. The "alligatoring" pattern doesn't look like a blister to me, looks like plain old peeling paint, i.e. gelcoat that has lifted from a bond failure.
Either way...if you wanted to fix it, you'd lift/scrape it off, refill the void left with the proper epoxy fillers, and then either try to feather in the new paint on the patched area (a good painter CAN match almost anything) or else you are looking at painting at least that side of the hull, if you can't find something to put over it to hide it. (Decal, stripe, graphics?)
Of course if you've got gelcoat popping, you might want to let it be to make sure nothing else pops before you start expensive painting.