Wondering if this normal?

I recently removed my splashguard and found something interesting on the boot of the steering rack.. I am wondering if this is the intended way to close the steering rack boot, or if the person that owned this Z before me may have done a cheap/ghetto repair? I realize the mess to the left of it, however I pulled on the boot and it seams to be sealed still. It is possible this has been hiding behind the splashguard for a while from a past problem, and just never cleaned up, and I have not experienced any steering problems in the past year of owning this car. If this IS supposed to look like this, what is the purpose or advantage of this method vs a clamp like on a CV Axle? Also, the opposite side of the car mirrors this one.



Thanks in advance.

 

Normal.