AlGreen
Member
A leak from one of those areas causing mold, mildew, etc. was my first suspicion, but I can see the wall cavity and under the tub pretty well and there's no sign of moisture. Also, the grout around the tub seems fine. That said, there are signs that moisture was present in the past, including to one side of the tub where the metal lath is rusty, behind the faucet where there are water stains, and (maybe) directly below the tub drain/water inlets where it appears that the plaster wall is bulging. Pics below.
It is not uncommon for a tub/shower wall to leak or a caulk joint leak, or an overflow gasket leak, any of which could allow shower water to end up in the wall cavity and/or underneath the tub, which can allow for the growth of mold/mildew and rotten wood, all of which will produce an odor.