Yes it is probably the bearings which can be replaced too but it requires a bearing puller. It is usually worth it if you are capable of doing it. The bearings are fairly cheap as well as a puller. Youtube has lots of videos on how to do it.

Also, a pump wet end can last a very long time and a pump motor usually has only a couple things that can go wrong. The bearings, the start/run capacitor and the centrifugal switch are most common. The only thing that cannot easily be fixed is if the winding's burn out but that is pretty rare.