Welcome to Android Central! The speakerphone typically uses the secondary mic at the top of the phone, not the primary mic at the bottom. So if the secondary mic's opening isn't blocked or clogged by anything (like a poorly fitting case or lint), then the mic itself is probably faulty.
If you take a video and then play it back using headphones, do you hear stereo sound, or sound only out of one channel? If the latter, that would support the theory that the secondary mic is faulty (since that mic would act as the left stereo mic).