Actually, he wasn't found in a peat bog, he was found by hikers in a high pass in the alps. He had been frozen in a glacier, but as it melted, his body was revealed.
It is questionable as to whether his bow was finished or not - the dimensions indcate it might have required more work to be at a reasonable draw weight.
Otzi has fascinated me since they found him - his whole kit was pretty cool. The fact that they found a point in his back says his enemy's bows worked pretty well...