Had a similar thing happen with my 517 a few years ago. Trying to true out a wobble, saw where the rim was catching on the brake block, twiddle, twiddle, twiddle. “hmmm, now it’s catching on the other side…” twiddle, twiddle…
Took me longer than it should have done to twig that it was bulging, not wobbling. Tyre off, inner rim bed/brace was cracked through the spoke holes about half way round the rim.
Hardly surprising, as the funnest thing to do on a bike round campus was 5-6″ step drops to flat, and I’d been doing them a lot! Very glad they failed how they did and that I spotted them when I did. Replaced it with a F519 “freeride” rim.