Could be a host of things. Change in water quality or light being a major one. Bubbles are pretty much finicky to change in my experience. I have had them split just after bulb swaps or when I have changed parameters too quickily (adding too much kalk too fast). Could be on its way to splitting.. Also could be getting stung by something close to it.
That being said it could be absolutely nothing and in a few days it resumes it's normal size like nothing ever happened.. Just make sure your water is good and stable and it should be fine. I had a bubble breeding tank for about 4 years and with about 12-15 bubbles in it some says one or two would be shriveled up just to be normal the next day. Have you recently given it a large feeding? I noticed after I initially would feed something large ( silverside) they would puff up huge, then a few days later deflate and excrete the brown stringy stuff( maybe pooping as per the other poster)..
As long as your water is normal no spikes in nitrates or p04 and your other parameters are as usual I wouldn't worry about it at all and just wait it out. If its retaining it's color and not on the move it looks and seems happy to me. Look for the obvious like sweepers from other corals or shrimp, crabs or fish messing with it. My clowns would spawn and beat up my rose so much they would cause it to move around the tank leading me to removing it and unintentionally starting a whole other nem tank for years. That is now my frag/recovery tank.. Good luck