(p)leather shoes

I have this cheap pair of sonoma shoes that were great looking in their day. over time, the top layer of (fake? just very low quality?) leather has flaked off. the shoes fit great and seem structurally sound.

is there something i could apply to fill the divots and stabilize the rest of the material? I think i could color match with acrylic paint or add a complementary color. had vague ideas about adding an acrylic blueing type look to the toes. maybe i’m just being an idiot.