bramber said..
Any consensus here... is this a problem or just ignore and stick the grip?
Depends if they are just bubbles in the paint or whether the hole reaches the foam. if the latter then it may have saved the board from becoming a balloon seeing as it looks like your grip glue was baked on.
Put some deteregent on it and leave in the sun to check, then once it stops bubbling water seal it off with epoxy, super glue or epoxy solarez whatever to stop water getting back in, grip won't stop that.
I have a SUP with the same problem, found bubbling coming from a pinhole, caused some paint around it to delaminate, but cannot seal the hole properly ever because of the paint so am living with it.
You must have got a bargain board.