Bubbles are just a sign of flow, a clogged ozonator would not cause the flashing lights and actual loss of flow though.
Instead your problem is likely either clogged filters, a clog in the plumbing / heater / circulation pump, or a bad circulation pump.
The first thing I would try would be cleaning / changing the filters, particularly the one with the gray fill tube, I just went through this myself with the used HS Jetsetter tub I bought last weekend, worked for one day circulation pump made noise, then blinking lights. In my case the tub had been in storage for a couple of years and the circulation pump died, so I had to replace it last night.