Looks to me like me someone has picked off the sealant a bit. Any evidence of a grounding on the keel edges / an impact with anything? And presumably no water ingress around keel bolts.
The antifoul doesn't adhere to the sealant as well as it does to the keel or hull so this could be pretty normal and just antifoul over. I did have a dig round my keel join and used a specialist product a couple of years back but I have a similar looking issue. I'll just be painting over.
Arbomeric MP20 is what I used
Maybe smooth it with a bit of CT1 and a wet finger and/or paint over it.
It says You will need to remove the old silicone first and clean the area before applying CT1.
I also use sikaflex or ct1 applied with a finger, having sanded it a little to clean it up. Then antifoul at least a day later.
Sika 291i. The toothpaste tube size is more than enough for me.