Hi,
Not a common sight. Looks like a split branch pushed into the ground.
The tree could probably heal like that, doing nothing.
Since the crack is at dirt level, I would mound some dirt to let the trunk grow new roots.
I would pull back the tarp/weed barrier that is on the ground to let the tree send suckers.
Later, when roots have grown on the trunk, I would chop the airlayered trunk and let a sucker be the new tree.
Such a crack could be due to standing water or frost. It could be that the tree is dead/ no longer connected to the roots (so airlayering is important) and split. I've seen that on other trees, not on a fig tree.