If it were just appearance, there wouldn't be an issue. It really did look like blistering - separation of a top layer from the substrate. Even though the blisters have subsided, they are still clearly visibly and tactually noticeable. While I want it to look nice for my bride of 37 years (you might not want to call her a hipster to her face) I was more concerned with possible ongoing damage to the otherwise smooth surface.
I've applied another light coat of Proofide and we'll keep an eye on it.