water pump pulley has slight wobble in it. not seeing water yet....is bearing going bad
Could be several things. The pulley is not on straight. The pulley itself is not truly flat when made but still within tolerances allowed by manufacturer. .Has nothing to do with the bushing(bearing) They generally wear out over time and start leaking coolant out.
either the bearings are going out, or the pulley is bent. either way you should go ahead and change the water pump, they are cheap and if you wait it will be a problem later when you get stranded. good luck