Can you describe the bubbles a bit better? Largish lifted areas, or tiny blisters? Or maybe not "bubbles" at all, but more like little pits or short hairline cracks?
An area of a square foot or so that is slightly lifted is delamination and may or may not be more than cosmetic. If caused by a leak and the leak is fixed, probably not major as long as no interior wall or floor damage is present (use a slim knife blade or ice pick to check for soft wood). Blisters or pits are susceptible to new surface leaks, though I don't think that is common. The tiny hairline cracks, short or long, are usually just cosmetic.
Back in the mid-90's the RV makers hadn't perfected their lamination process yet and glue failures were not all that unusual. The skin separated from the backing and no leak was present. But old rigs are leak-prone too, so try to figure out which it was.