Chosen Solution
I opened up my iMac to swap out the hard drive and I noticed something on the back of the power supply. To me it looks like solder flux, but I’m certain that’s not what it is. I’m not sure if it’s a leaking capacitor or not. The computer works perfectly fine. I’m not sure if this is a major issue or not. Do I need to replace the power supply, or should it be fine for a few more years of use?
The coating is normal! It’s there to protect the exposed metal (solder) surfaces from oxidizing. The caps are on the other side and the leaks would be on that side.