I bought an old Starcraft 18' Holiday I/O and restored it. The bow eye wasn't pulled out like yours but it was worn probably 2/3 through the thickness of the loop. Took it to a welding shop and they fixed me right up. I had the boat for many years after the restoration and that weld held up better than the original cast aluminum.
As Scott said, take it to a welding shop that does aluminum and have all that "glued" back together. No biggie and shouldn't cost all that much since it would be an easy job to do where its located.
To echo what they said and to add on, if you want to save some money, remove the bow eye for the weld shop and brush the crap out of the area that needs to be welded with a wire brush (SS wire preferred) to remove the paint and corrosion and other nasties. That will save the shop prep time which will save you a little $.
Def not "cosmetic" .The culprit is the bow eye being stainless.Im sure it has been replaced from then original.The stainless has set up dissimilar metal contact and weakened the aluminum as it is less noble than stainless.Aluminum boats usually come with bow eyes and cleats that are replaceable as they will corrode over time.They are made to corrode and be replaced just like the sacrificial zincs. I would look into replacing the bow eye with something designed for aluminum boats OR if you want to keep the SS (which I dont recommend) you will need to make a rubber gasket to isolate the dissimilar metals.Use something like a thick tire tube or a side wall from a tire.You will need to do this inside backing plate and outside.Charlie
