Bubblers do provide some oxygenation, gas exchange occurs mosty at the surface of the water, the bubbles traveling through the water provide very little oxygen to your tank but the disruption at the surface when the bubbles burst combined with the circulation the bubbles cause in the water column provide most of the oxygen but a powerhead is far more effiecent at circulating the water. They are accepted in a freshwater tank because they provide inexpensive circulation and most freshwater species don't require much water movement. In a saltwater tank the bubbles bursting at the surface will cause salt creep to be out of control and they don't provide enough circulation for most saltwater species.
Hope this makes sense I've had very little sleep so my brain is only partialy functioning