bow eye
Timo has the right answer. An all epoxy/glass backing plate has no compression. So it will loosen up again and again. The wood compresses and keeps pressure on the threads of the U bolt. Use lock tight too, or self locking nuts, or better, both. Do use fender washers over the wood block, I use lock washers over the fender washers too. Yes the wood will rot out again. But it can be replaced easy enough. An all epoxy backing plate won't compress, and as it wears will allow the nuts to be loose. Once loose there will be movement and that will cause more wear, thus even looser bolts (U bolt/nuts). You can epoxy and paint the wood block, and if it is dry should last a very long time. If it's not dry you better find the leak anyways and fix that while your in there.