Resealing transom seam?

May 19, 2020
85
Hunter 30-2 Quincy
Hello all,
I went to the yard to work on my 1990 30-2 yesterday and noticed that the sealant around the scoop transom is starting to come off. Well I actually noticed it early in the fall but it seems to be getting worse.
I'm assuming I should peel/scrape it out and replace it with something but I'm not sure what. Does anyone know if this joint is sealed only for appearance or does it serve some sort of waterproofing function?
Any suggestions on what sort of goo I should be using here?
Thanks!
 

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Oct 22, 2014
20,995
CAL 35 Cruiser #21 moored EVERETT WA
Looks a bit like squirt out from the original adhesive sealant affixing the hull to the deck. When affixed this squirted out and was left.