Ahhhh, but look closely, grasshopper. You'll see from the photo that all is not right in Bubble Wrap Land. Bubbles are there; yes, they are.
BUT THEY ARE UNPOPPABLE! UNTHINKABLE!
Press one bubble and the air squirts out through the little connecto-channel to the adjacent bubble. Probably makes for better cushioning - no popped bubble, no areas of potential damage risk - but what the heck! One of life's little pleasures is squeezing until you get that lovely little popsnap.
Makes a lovely pattern, tho', doesn't it?
For a virtual simulation: http://www.puffgames.com/bubblewrap/