A few weeks ago, I noticed the same thing in my pool, tiny streams of bubbles coming out of the return jets. The water looked fine otherwise, so at first I didn’t think much of it. But after a couple of days, it kept bugging me, so I started checking things over.
First stop was the pump lid. The O-ring looked okay at a glance, but when I cleaned it and added a little silicone lube, the bubbling got a bit better. That told me air was sneaking in somewhere on the suction side.
I also went around and tightened every union fitting, especially the ones closest to the pump. One of them had just the slightest wiggle, probably enough to let in air when the pump was running. After fixing that, the bubbles disappeared completely.
So yeah, it’s usually a small air leak before the pump. If you’re seeing it constantly, it’s worth going over every fitting and seal. Even a tiny crack or loose connection can do it.