calm down and stop looking for problems that aren't there. i have seen bulging from when the form (styrofoam) flexed during production. concrete doesn't stretch. think about it. if you still want to believe you have a major problem, then cut the foam away from the bulge and check for cracks. if there are no cracks, then the bulge is there from production and nothing to worry about.
i am a master builder with no vested interest in superior walls.