Strange fender rub issue

Hey y'all, I'm not really going for a stanced look, but thought this community might be helpful in diagnosing the problem. I noticed some oddly low fender rubbing on my '91 Miata. I'm not even sure how the paint was rubbed at this point on the fender. It doesn't seem like the wheel would come into contact with it at any point (but I haven't been able to test that). I probably need to roll the fenders, but I'm wondering if there's some other kind of suspension or alignment issue at play here. What do you all think?