Thank you for contacting Texas A&M AgriLife Ask an Expert. Your tree may have become predisposed to problems caused by environmental stresses from transplanting it, drought or frost. When the living tissue just beneath the bark is injured and dies it may become incapable of holding the bark in place. This does not mean that the tree will die. That being said, we do not recommend removing the bark.
From the pictures you provided, it does appear the tree was planted too deep. You may be able to reduce the issues caused by planting too deep by excavating about a foot out from the stem and down to the top of the first large roots. Apply mulch around the tree, 5” away from the trunk and no more than 2” to 4” deep.
Irrigate the tree only when necessary. If the first 4 - 6” of the soil are dry, you may want to water the tree. Your landscape needs about 1” of water per week in the heat of the summer, so plan to supplement any rainfall to reach that amount.
You may also want to contact a certified arborist to assess the tree. You can find a certified arborist that works in your area at this link: http://www.treesaregood.org/.
I will also pass along the pictures to one of the Denton County Master Gardener tree specialists for any additional advice. Please contact us at firstname.lastname@example.org with any additional questions.