If it is fiberglass, it sounds like delamination which is probably caused by one of two things: improper or faulty fiberglass processing at the fiberglass/sidewall plant or you have water/moisture penetration into the fiberglass itself which is causing the separation and bubbling.
If it is a "bad batch" from the factory, then it may not enlarge any further.
If the cause is water penetration by some kind of leakage in your unit, then it will likely worsen as the bonding agent/glue gradually deteriorates and more separation takes place.
In either case, the repair will most likely be an expensive one. If the separation and bubbling is extensive or becomes that way, the entire wall may have to be replaced or repaired. The floor and ceiling may also be damaged if there has been water penetration into these areas as well.
Unless you are very familiar with and have experience in fiberglass repair, I would leave it to the pros.
My first inclination is to look for water leaks in your RV. Not sure how long you have it, but you may have noticed some smell of mould or other strange odours. If you recently purchased it, your RV may have been leaking for some time prior to your buying it.
You didn't indicate how extensive the bubbling is or exactly where it is occuring. If you can take some pics and post them here, it might give the members a clearer idea of how extensive the bubbling is and offer you some repair suggestions.
(Added note: Not exactly sure what you mean by "slick side or slick siding")
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2008 Cougar 5th Wheel 27RKS
2005 2500 GMC Duramax
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