I just checked under the whole back lower edge. There is some corrosion there, on that aluminum backing above the bottom channel. It almost looks like electrolytic damage.
I think it can be cleaned up and then sprayed with undercoating, Plasti-Dip, Flex Seal, or something similar.
Some, if not all of my bumper bolt spacers were sealed with something. And the bolt heads are slid into a C channel on the back of the bumper extrusion.
So, one would have to either remove all the nuts and then pull the whole bumper off, or, perhaps, loosen them all and then slide the bumper off.