Formula for the Bekenstein bound

$S\le \frac{2\pi kRE}{\hslash c}$

where $E$ is the total mass-energy. That seems to imply that the presence of a black hole in the region is dependent on an observer's frame of reference. Yet, my understanding is that the Bekenstein bound is the maximum entropy that any area can withstand before collapsing into a black hole.

Does this mean that the existence of black holes is observer dependent? Or that even if an observer does not report a black hole in their frame, one is guaranteed to form there in the future?

$S\le \frac{2\pi kRE}{\hslash c}$

where $E$ is the total mass-energy. That seems to imply that the presence of a black hole in the region is dependent on an observer's frame of reference. Yet, my understanding is that the Bekenstein bound is the maximum entropy that any area can withstand before collapsing into a black hole.

Does this mean that the existence of black holes is observer dependent? Or that even if an observer does not report a black hole in their frame, one is guaranteed to form there in the future?