I have the same calking on both my bunk ends. It seems to be holding up nicely and, I believe, is just a precautionary leak preventative. I would think it could simply have a second layer put over the first peeling up what may be loose on layer one.
Oasis Bob
Wonderful wife & 4 Really Fun kids
2001 Dodge Grand Caravan (3.3 V-6)
2001 Bantam Trail Lite B-19