Doesn’t look like it’s been touched in awhile, though that’s hard to judge. As noted, that Is the stuffing box. You can tighten it if you don’t trust your bilge pump, but I would not run it after doing so. Old packing gets hard and can score if you tighten it. Repacking is pretty easy, especially since you have good access.
Do a search for the procedure. Go to the marine store and get a corkscrew removal tool, pull out a ring and then go back and buy packing. Of similar size. While you go to the store the remaining rings are enough, but if it worries you just stuff some paper towels in there.
When you put it back together, stagger the joints on the rings and just seat them in place gently with your finger or a screwdriver. Gently. No need or want to force them in. Tighten the gland slowly. Slowly! At first, just tighten to slow the drip down to 4 or 5 drops every few seconds. Then run the boat, tighten a little, run a little more, tighten a little until you get to a couple drops a minute when running. Stop the boat and make sure the gland is not too hot to hold, warm is okay. If the gland gets hot before being nearly dripless, you have scoring or alignment issues or both. The dripping should be essentially stopped when not running,check maybe an hour after you stop once it is both cool and the packing has expanded. If you have a gland that is well behaved when stopped but leaks a lot running, that can be a symptom of bad alignment, motor mounts, worn cutlass bearings etc.. it’s very common that glands get tightened to solve alignment related issues well beyond the glands ability to work. Other than just age, that’s how packing material gets abused and it can go bad in hours instead of years.
Btw, if you have any issues removing the packing, that’s a sign the packing absolutely needed to come out. Make sure you get it all. If it comes out easily, it was likely not bad. Neglected glands can be a pain, getting the stuff out in bits at a time. Otherwise, it literally can only take about ten minutes per gland and packing itself is pretty cheap. Knowing that you have good packing, worth it.