I'll go against the grain with RV Roamer on this one, only because I seem to be a owner of one of those delaminated products from the 90's (95 to be exact).
I have a 95 Coachmen, as my entry into the world of MH, and there are 2 places on the left side of the coach that have the fiberglass coming up from the wall (Roughly 2' bubble). I am 95% confident that this is a glue issue, because the spot is dead center in the wall and all surrounding areas are fully intact. Granted there is the slight chance that something else caused this, but through searching and asking questions, as RV ROAMER mentioned, it was pretty common on the 90's era class A's. I'm not saying that it doesn't bother me asthetically, but it has never given me any problems or concerns from a structural standpoint.
That being said, I currently own my coach and know the previous original owner, so I know the history. When I pick up my next MH, I can assure you, I will be looking for issues just like this. So although I believe it is possible to have some delamination without getting into structural integrity, there are so many MH for sale, I would probably shop a little more. If this is the only issue you see with this MH and they are selling it for a price you just can't pass up, just remember "Buyer Beware".
I know I probably only complicated the issue for you, and yes I do wear protection when I straddle the fence, but I thought I would offer my opinion from a person who is experiencing the same issue. Good Luck.