Chances are, that the leak existed prior to the pump speed issue and with that resolved the leak got bigger. Here's how I would go about finding it.However there is minimal suction and on the 'return jets' we have bubbles. The pump basket is only slightly over 1/2 full of water and is surging. I know that this all points to an air leak. But how could this happen so quickly?
1) Remove the pump strainer basket lid and clean and lube the o-ring and reinstall the lid.
2) Carefully check the suction connection of the pump. They may not have gotten it tight during installation.
3) Check the skimmer while the pump is running to make sure it's not creating a vortex and pulling air in.
4) Check all the suction piping above the ground for leaks or cracks.
It might help if you could post a picture of the equipment also.