The theory behind deadly micro bubbles is...
If they come from the skimmer, then they have the protien that is
collected by the skimmer on the skin of the micro bubbles.
Thus, they are highly toxic in large quantities.
Now that said, I have never noticed them to be deadly, but irritating to the gills of fish and sometimes causing corals to never fully extend.
If the micro bubbles come from a different source, like a power head or return pump, they are less toxic but still irritate.
Most of the time I have seen the bubbles from wave makers turning the power heads on and off.