Here is what my Trailer King tire looked liked before I removed all of them and replaced with 5 ST 235/85/16 Gladiator QR35-TR 14 ply G-Rated tires. There were actually two bulges, one on the inside of the tire as in the picture and one on the outside. The tires had about 12k miles and always properly inflated.
I heeded all of the warnings on this site and from the dealer and got these changed in the nick of time. If you have not changed yours please do so ASAP for all concerned.