Please fix that!
You do *not* want an accident to happen due to a diving board moving unexpectedly..... the implications are scary to imagine. Both for the injured party and your insurance and having a known defect in such a risky-in-the-first-place item.
I found one without the board. I took the board off and both bolts in the base have a ton of washers, a lock nut, and a nut. The nut is completely tight and there's a bit of play in one of the bolts as it appears another washer is needed. It was surprising to not be able to tighten down the nut more to remove the play.