I'd be concerned too. It appears the rubber is cracking from dry rot. While those may be used as extra sealing (I'm not 100% certain of that), degradation of the rubber could mean the hoses are starting to do similar or may shortly. It could be happening along the inside of the hoses where you can't see it, given the rubber is around the same age most likely.
Hopefully it's still under warranty. If not it still might be time to consider a replacement. $100 for a cooler isn't cheap but it's a lot cheaper than $100+ for a motherboard, gpu, cpu etc. if it leaks and anything else dies from it. Especially considering if those crack and the hoses fail and come loose or leak it's right there at the cpu. Not good.