Are the bubbles really that white? or is the flash making them so. It doesn't matter what wood it is, this can happen with any, and for any number of reasons. It happens because of a void in glue at that spot and can be happen for any number of reasons. How old is the bow? has it changed in that amount of time? I have made many, many cocobolo bows with no bubbles or problems. They probably wiped it with acetone before gluing. That is a common practice that can create problems with oily wood.
I had some air bubble problems a while back and spoke to several of the best in the buisness. I was told by one of them "not much you can do, sometimes you just get them, use more glue".
If they haven't changed in time, shoot it. If you have seen changes, hang it over a mantle.
BigJIm