I think this looks worse but any feedback would be nice. :P
The bubbles can be ordinary spheres without any bones I think. Just give it a bend or squash modifier with a very weak power, and randomly rotate it.
Here's a test:
I used the same modifiers for both bubbles but I think it's better to use different ones, so they won't look too in sync.
Also I like your wireframe update! It looks much more organic now, the curves can still be better imo but I'm fine with it. I think the hands need more stretching in the Y axis (so it's shaped like a perfect ball right at the tip) and the shoulders need a z axis stretch to make it ball shaped as well. I think maybe wait another day to see if we spot anything else, then feel free to start the UVs and rigging :D