Scrape it down, remove existing tape, and have it redone. Its not the best paint job either. I see little pieces of dirt or something in a couple of areas. Hopefully, this is the only area that is done like this.

Cut out the hump with a razor knife and start over. There are many good videos on YouTube on how to properly do a seam. After that's done, you'll have to apply texture to the wall to try to blend it all back together.