I have seen where others removed all of the INTERIOR damaged wall surfaces, which allowed them to get to the foam, etc, that was causing the exterior fiberglass to bubble out. Once all of this was removed, it allowed them to glue/attache the exterior panel to the aluminum/steel frame of the wall. This took care of the very noticeable exterior bubble.
Once that was taken care of they could replace the foam and then use some type of wall panel that matched the existing wall panel the best. AT Home Depot there are various prefinished wall panels that can be used. If you have to you can paint them for a close match to the existing walls.
None of this should hurt the structural integrity unless the aluminum/steel frame is damaged.