Well, most often when we see air bubbles, we think suction side leak that is pulling air. Most of the time.

You seem to have exhausted all of that to the point of having a leak company inspect as well. In addition, you have low water flow going out. I'm assuming your pump basket stays full of air correct? Water level good and basket O-ring lubed? Now the reason I say all of this is that because in my pool system, I see something similar and perhaps it may relate to you as well. When my filter is clean with no restriction, flow is always good and pump basket full of water. I started to notice that at times my pump basket water level would drop slightly because of more air, and I would see some champagne bubbles from a couple return jets. Even though my system is relatively new, I exhausted all of the suction side leak items as well. I later come to the realization that the suction pressure might sometimes cause some outgassing because of the intense churning of the water. In addition, if my filter started to get dirty and pressure increase, I would see more air in the pump basket and air bubbles. I also have a separate waterfall stub-out for aeration and fun, and when I have that on (pressure side) I see more bubbles - again I believe outgassing of sorts at the connections & split-offs. But in any case, when my filter becomes dirty and pressure increases, I think it creates more back-pressure against an already strong pump water pull. This causes lots of churning and I believe more outgassing in my system.
Sorry for the long version :blah:, but perhaps you still have some restriction going on somewhere in your system. If there's a restriction, water gets jammed-up from all the pressure and can cause a couple different symptoms. Since your pool is an estimated 4 years old, have you ever done a thorough sand deep clean as outlined on the TFP
Deep Cleaning a Sand Filter page? All the backwashes in the world won't help if the sand has become channeled or compacted to the point it's not allowing water to flow efficiently though the sand. I'd give that a shot to see what type of effects if may have. It would be good to know water can flow easily and efficiently out of your filter before going backwards to the suction side you already invested so much time and $$ to. Let us know if you try it and the results.