Never seen that before! If it was leaking, there wouI would expect watrer to leak at the bottom Are those 2 pics of the same bulge - or are there 2? One seems higher than the other, but maybe perspective.
Personally, if that is a leak, then I would say to be worried. If it pops (the leak, not the baby

), there will be a bit of a dam problem
I suggest getting a plumber in to look. If it was me, I would get hoses in position, check drain and isolation valves are working (turn of feed), plastic and dust sheets down, and buckets at the ready. And then carefully skewer the foam. That is to say, a controlled release rather than a burst when n it expected,or, worse, when no one is present.
Others may have seen this phenomena, and have a different take