LilHorse,
Looks like the metal strip is bottom "L" shaped molding covering the bottom edge of the siding, along with the vinyl wheel well trim. If the sidewall is separating, working up vertically but starting at the very bottom, that is the same thing I am currently working on with a 2007 F.R. Sunseeker. The bottom aluminum molding is an extruded aluminum L shaped piece which is used on most of the exterior corners, both vertical and horizontal. One side is painted, smooth, for appearance while the other leg is a channel for attachment screws and accepts a flexible vinyl continuous screw covering strip which fits into grooves in the molding. The vinyl strip DOES NOT keep water out.
In my case, this L strip is used along the entire length of the bottom of the wall, screwed to the bottom side of an aluminum framing member which supports the bottom of the wall. Unfortunately, the way FR did it on the Sunseeker there was absolutely no water proofing or sealant between the aluminum strip and the framing member. This allows water, particularly when driving on wet roads in rainstorms, to get in between the framing member and the molding where it can go directly to the bottom of the sidewall structure. The Sunseeker's sidewall construction, which I assume is very similar, if not exactly like most fiberglassed sidewall RVs, is thin, like 3-4 MM Luan plywood glued to the aluminum frame (probably vacuum bonded), with about 3 MM (1/8"+/-) fiberglass (Filon?) bonded to the Luan plywood. Also unfortunately, it seems the Luan plywood manufacturers DO NOT use exterior rated (Resistant to intermittent moisture, particularly not continuous) glue in the plywood.
Moisture, sometimes obviously significant amounts of water, gets into the unprotected framing/molding seam and gets to the bottom edge of the siding, where the Luan plywood soaks the water up. It will work its way up into the plywood, where it is kind of trapped, and will eventually cause the plywood to separate, and then you have sidewall delamination. The Filon (or fiberglass) can also separate from the Luan plywood.
The Sunseeker I'm working on had delam almost the entire length of the bottom of the right side wall, the side subject to more rain and sunshine, so more expansion/contraction cycles and just more water getting in. This RV sat for six years in sun and rain in Oregon, where we get plenty of rain. Consequently I removed all the cargo doors, all side, vertical and horizontal, moldings and went to work injecting two-part epoxy up into the delaminated portions then clamping them together. In areas where there is a cargo door slightly above the bottom of the wall it seems, separation, to be worse, no doubt on account of water getting in both from below and above around the door. The waterproofing/water sealing from factory was dismal, just about non-existent. Many of the screws were so rusted they had no threads left and pulled out with pliers. Thank goodness the frame is aluminum so my new stainless steel screws would still grab in the framing. I will attempt to post some pics of some of my work on this coach, but you can also search out some good articles on sidewall delamination on this forum.
It appears your bottom molding is bent outward, but hard to tell. In my case, I removed the bottom molding, injected epoxy, and sometimes other type adhesive into the separated wall layers, clamped until 'set', then re-installed the molding with butyl strip caulking between it and bottom framing member, as well as caulking the upper edge of the outside of the molding. There's more details but you can PM me if you'd like more information. Good success with your project.