i've seen this. its not cracked but rather suffering from what is called creep. i've also seen it on seat tubes with band clamp FDs that are on the small side for the tube(or visa versa)
essentially the matrix is held in a position contrary to where it was when cured. it will "creep" into that shape or position.
google creep behavior in FRPs(fiber reinforced plastics) if you wanna get all technical
while it may seem ok to ride, you do have distortion in the matrix at a fairly critical point. I'd replace myself.
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