This Golden Delicious is my only apple tree that looks like this at the base. The tree bears well and doesn’t seem to have any problems except for hail damage it got this year.
Most of my neighbors apple trees were like that. As they got taller and the trunk got bigger the bulging got bigger as well. I think it has something to do with the grafting part of the tree. His trees had plenty of fruit and never had issues with the bulging at all.