The plastic (really a resin) that was used for these side covers (after the 1972 model bikes) was once in a while not fully mixed before being injected into the molds. This sort of damage is appearing now just from age: 50 years of something pressing, even gently, against them makes them separate. The body-shop guys around here to fix these up told me once that what needs to happen is: sand (deeply) the back side of the cover so you can lay a bit of the mesh used for repairing rusted-out spots in cars, then squeegee-in some body filler until the whole area is thicker than needed. Then file/sand/shape to the desired appearance, prime and paint. That lasts a good long while. I have done a couple like that and never seen them again (many years ago), so I think they have something going there?