74 power wagon dream truck...

I'd hit that area that bubbled up with solvent and some course sand paper.
It looks like there is a chemical reaction with a foreign substance
I agree with fishmens67, probably just a little spot of grease, dirt or sometimes even a fingerprint will leave enough foreign material to wrinkle the paint. I usually wipe my parts with prep-sol to make sure they are ultra clean before applying paint.

Anyway, just a suggestion. I’m enjoying your build thread, thanks for posting.
After the sandblasting I gave that tunnel a good scrub with Dawn soap and water yesterday and then it let it dry overnight. Pretty much tried to handle it with rubber gloves as well. Again it didn't bubble from underneath it just bubbled the second coat. I think and I don't know but really I'm thinking it was the application of the second coat just too quick and too thick as the instructions say between 2 and 4 hours not 5 minutes...
The first coat looked very good.. I didn't do that bubbling or anything till I started hitting it with the second coat. It really says one coat is all you need if you're going to put paint over it anyways. And actually that's what I should have done. Again this was just a first time test run and I knew I'd do something wrong... That's generally the way I learn LOL..
from here out it's one coat on everything and then a top coat with some other kind of paint after 48 hours according to the instructions...