While my slide roof material is nice and tight, I have 2 or 3 "bubbles" on the roof. While not crazy about them, the dealer noted them when I complained and if they indeed become sites of water leakage I will be covered.
They are not sink holes and they bubble UP not down. Down and water puddles is bad IMO. I would bump this up one to FR.
Here is what my worst one looks like (dirty so you can see it -
Lou and Laura with Bella - German Short Hair Pointer
2008 GMC Sierra 2500HD Crewcab SB Allison Duramax
2010 Flagstaff 8526RLWS - Superglide 3300
HAM CALLSIGN - KC3FFW