In other words, there is virtually no market for recycled bubble wrap, because it is collected in such small quantities usually, that the scale necessary for a recycler to use in collecting or processing it is just not cost effective in most cases. I am suspiciously certain that there will be exceptions to this rule, especially by manufacturers of virgin bubble wrap, who can find large consistent sources of the stuff. But, when you think about it, reuse rather than recycling is far more likely to show up on the radar screen.
Bubble wrap is another example of plastic sheet or plastic wrap or film, all of which is recyclable.
It is for each instance, a question of scale for an answer of feasibility. Agricultural plastics can be recycled, since a farm or a county's worth of farms can collect the stuff. The issue will be getting rid of pesticide traces. Supermarket chains can recycle plastic bags on a cost-effective scale. But in liklihood, smaller entities can't.