Hey, that looks like 2 of the Dreaded Algaes!
Can't really tell, but it looks like Valonia surrounded by Hair Algae? It's really good pic quality, but I can't distinguish greens, from browns, from reds. Maybe someone else can tell you if there is some Hair Algae there, but there is for sure some Valonia. I don't really think it's too bad. It adds color to the tank, provides foods, achieves nutrient export, and IMO looks pretty cool. Some, like Bang Guy leave it, to achieve the more natural reef, while some immediately order a few Emerald Crabs, which seem to love the stuff. Some even strive for it and pay at LFSs to get it. I saw a Valonia bubble that was about 4" High and with about a 2" Diameter, so more cylindrical than yours appear, but imagine how yours would look much larger, for instance, look at your largest bubble, how it has taken on a cylindrical shape, they change as they get bigger. This was a different species of Valonia that is highly sought after by some, but is very, very rare. Most everything in our tanks will never reach 1/20 the size that this species can grow to.