Is this signs of hidden moisture issue or just bad paint/finishing work?

This 12'x16' area in my basement has this mess on the ceiling (see pics). Looks like something was painted over the original paint job. I knocked/lightly punched the ceiling and it is firm and by no means, soft. Does this look like a bad finish job or covered stains? Looks like some pitting going on too. I have my doubts on some things in the new house because the last guy was almost, almost a pro at covering crap up!

 

It appears as a poor job of drywall finishing and the pits or holes happen when the the texture was mixed to loose, as in to much water, so the bubbles pop.

 

Copy, that's what I was thinking too. Thanks