Looks like the oil side of the VRO pump. Can't tell you why it burnt. I had the same thing happen to a power pack a couple weeks ago. That epoxy really smells when it burns!
The other pumps I have seen have a clear factory resin on the back side where you can see the components inside. Yours looks very different but it also seems to be an older 3 wire pump and it may be normal for it to have that "home made" epoxy look to it.
There are some repair options you could go with.
1. get a new VRO pump (I don't believe the oil side is serviceable or has a replacement part)
2. convert to standard pulse fuel pump and premix your gas from here on out. (lots of "how to" posts on this forum as well as you tube) Not sure if your engine would need one or two of them? I know the larger engines need two to keep up with demand and you can find them on Ebay or other sites that are already built up with a bracket that will bolt them right in where your VRO pump bracket does. (I didn't see the dual pump on the Iboats site but there may be one here too).
These two options are very polarizing on this forum. I'm one of those guys who is happy with the VRO system and have serviced mine twice in the time I've had the motor (an 87 225). That said, the pre-mix standard pump is a pretty bulletproof system and is less money of you don't mind mixing your own oil each time you fill up.
Hope this helps.
