The stuffing box packing has been over tightened. Look for cracks in the bearing metal. The bearing was driven too far up a tapered shaft. Any type of flaking or smearing can cause a fracture notch that will lead to cracking. Look for signs of corrosion.
Moisture is in the lubricant.
A water hose is being used to wash down the area. Normal aspiration as the pump cooled down, and the moisture ladened atmosphere entered the bearing case. Steam or water dripping from a seal quench gland. The major bearing companies do a great job of providing the literature and photographs that you need to do effective comparison troubleshooting. Check with your bearing supplier for the availability of this information.