@rajhnsn , you are spot on with the majority of what you said, but I have never heard that uncured resin is part of the equation. I am not saying you are wrong by any means, I just haven't read that from any source. It is a likely explanation if PE resin wasn't fully and thoroughly mixed with catalyst. My understanding is that PE resin is not totally waterproof at a microscopic level, it allows water molecules to work into the laminate and this is more typical in 'loose' layups where chopper guns were used, higher content of air bubbles, and poor quality resins that were used during the fuel crisis in the late 70's that also persisted into the 80's. I dunno... but what you said seems to make sense, what else would cause the chemical reaction with the water when the resin (if it were properly cured) should basically be inert plastic? Food for thought.
I think your recommendation for a full gelcoat peel makes sense for larger yachts that show signs of significant osmosis in the laminate rather than between the gelcoat/laminate. At the end of the day it is probably LESS labor to do the full peel than it would be to just spot grind all the blisters. The key is the drying time and verifying a fully dry laminate with a moisture reader, a full peel makes this process more comprehensive. Using VE resin is a good choice, but the best choice would have been epoxy resin. VE is much more 'waterproof' than PE resin, but only epoxy is completely waterproof. I know all the major manufacturers are now using VE resins in the first layers of the mold and have no issues with it, so I doubt you will ever have any issues. I would lean toward epoxy whenever possible because of its superior secondary bond. for my blister job I applied a 'soak coat' of epoxy to the laminate, sanded, and then an 8.9 oz layer of cloth and floated fairing compound while it was tacky. This method wasn't to increase the strength of hull but to replace some of the mils thickness of the removed gelcoat. Labor wise I think I saved time rather than rolling multiple layers of epoxy, but my boat is also much smaller (22 feet).