Right on both counts: green bubble algae and cyanobacteria (AKA red slime). Neither really hurts anyhting unless it grows to the point of smothering corals. (Although I vaguely remember cyanobacteria could be toxic if ingested.) It is aggravating as can be to get rid of though.
Red slime is usually attributed to low flow and high nitrates. Nutrient control (feeding less and water changes) combined with siphoning it out while increasing flow is normally recommended.
Green bubble just seems to grow from spores. You can manually remove it physically, just don't pop them as it can spread via spores. Emerald crabs will eat it.
It is a violation of federal law to use this product in a manner inconsistent with its labelling.