Is that just on the ankle strap fabric/leather? I doubt it's going to cause any functional problem, but if you're concerned that it might get bigger, I'd guess you either need to sew it up, or cover it with a patch (like someone would to fix mend a leather chair or jacket. Cheap but ugly solution: duct tape?
Shoo-Goo is really for gluing rubber back against rubber.
2009 Ride Society 157 + 2010 Ride Contraband
2010 Sierra Crew LTD Animal Hybrid 156 + 2010 Union P.O.W. Data
2010 Burton Ruler