It made bubbles of, per wikipedia,
polyvinyl acetate dissolved in acetone, with ethyl acetate plastic fortifiers added. The acetone evaporated upon bubble inflation, leaving behind a solidified plastic film.
Which looked like,

↓↓ VOLUME WARNING! LOUD DISTORTED AUDIO!! ↓↓
And here’s a 1970’s commercial. Especially headphone users, would recommend starting low and easing into it.


Still can get the same thing, not the same brand/packaging though. My kids got these as cheap party favors several times a few years ago.