And then one of these days, at a higher speed, the bubble will disappear and you will start asking the question, "Why isn't my pump having a bubble like it did before?" It will, virtually always be there at low speed and probably isn't air, but an area of low pressure.
My EcoStar, the first version of your pump, has been doing it for nearly 15 years. Its also seen in the TriStar single-speed pumps as well, no longer available. Your pump is a Hayward TriStar VS made with a Jacuzzi label for Leslie's.