Hi Travelinglane!
I did some research, and it looks like for these mini blisters to occur, there has to be tiny drops of water in back of the FRP wall laminate (fiberglass cladding/glue/XPS block foam). Even though the FRP has no lauan/wood backing, the water migrates right through the VERY porous FRP, and gets trapped under the top coat gel-coating (the shiny exterior surface). If you store the camper outside over winter, the extreme cold will literally freeze these moisture pockets trapped under the gel-coat, and they will expand (ice always wants to expand) and literally "explode" out the direction of least resistance: the thin gel-coating. Pow. Small craters in the siding. Thank goodness we have only 2-- so far. This is the 1st time we have ever stored our camper outside during winter (in sub-zero temperatures).
I extrapolate that the glue used by the manufacturer has moisture in it (depending on situation, some days more moisture, some days less) OR, the FRP glass cladding OR XPS block foam has condensaton on the glue-side durng manufacture. My suggestion to anyone using glues in a vacuum bonding laminate/composite situation would be to heat and desiccate the glue in a special kettle, and apply it in an absolutely dry positive pressure environment, using automated spray application machinery (these can cost hundreds of thousands$$$ and up to a million$$$ or more) AND, pass the rolls of FRP through a drier and cleaning process, along with the aluminum welded frame AND XPS block foam sheets (all in a dry, positive pressure clean lamination room-- or, farm this process out to someone with the huge and expensive equipment to do this), then place the wall components in a very well cared-for and regularly inspected vacuum press. This is the cost of producing a flawless laminated wall, using FRP, I'm afraid (I wouldn't touch any RV in the future that isn't laminate-component manufactured using this process and machinery).
S-