It's there for your safety, and it deadens the sound of the water slapping on the hull. If you were to swamp the boat, it'll keep it floating till help arrives. If the foam is water logged, it will need to be replaced. You can drill some test holes in the foam , big enough to feel the foam in a few places and see if it's wet. And with an alum hull if its been leaking through rivet's or cracks, now is the best time to address that, with the foam out.