Bubbles from a totally submerged powerhead come from four things:
1. air trapped in the housing that was there since submerging or
2. air pulled in during operation that hangs in an area until a large enough bubble accumulates to be pulled through or
3. gas produced by bacterial and algal action within the housing or
4. gas produced by the low-high presssure action as the impeller pulls and pushes water
None of these things is anything to worry about.