Seem to remember that Texture Spray in Sub Panel is a no-no…
Just wondering what your opinion is, and how you would word it in your report.
“Gaps in corrosion inhibitor in panel” 
I would state “Texture overspray in panel, safty issue, need to have an licened electrican eveluate”
Outher than that, this has potential to be a real problem later for the owner!
I wouldn’t go overboard about how unsafe this is. That stuff has a toxicity limit in a fire similar to all that insulation in the box. The issue is just that the code says there should be no foreign substances in electrical enclosures. I see it a lot in half to 3/4 million dollar houses here. I am not sure what standard the AHJ holds them to but he is holding his nose with the other hand.
… It might cause more problems “fixing” this than just leaving it alone
No foreign substances in panel including paint, texture, ect.
In need or repair.
Is this missing a main disconnect?