MX5 MK3 2.0 Catalytic converter damage

Hi, I have a 2009 MK3 that I have been doing some work on certainly noticed that the secondary cat didn’t look in great shape.

Can anyone tell me if this is just the heatshield falling apart or if I should be more concerned?

Image

Looks nuked to me !!

It’s an odd one as it’s not blowing and the car seems to drive fine. Just looks totally shot I agree.

Has the car been lowered, there are some serious scrape marks there.