boats are made in 2 pieces, then they're slapped together and there is a remaining seam. "capping" is the process of removing some material between the 2 pieces and using fiberglass building it back up, smoothing it out, and creating a seamless surface. it looks like someone tried to cap the boat and either didnt do it properly or the fiberglass/resin didnt adhere at all... it shouldve just cracked in a few spots not the ENTIRE way around. the only method to fix it would be to grind all their mistakes out, and build it back up yourself, repainting the boat, etc. its not "hard" but its a LOT of manual labor.
that other hull looks REALLY clean.