I think your assessment is correct. The "bump" you see is where a knot is . That part of the board is harder than the surrounding wood and will not sand as easily. The finisher should have hardplated the floor prior to screening. This helps with flooring of varying hardness and density. However, do not expect a table top finish from a hardwood floor. That is unrealistic. The remedy, IF bumps are severe enough, is to resand and hardplate. Most finish in place wood floors have some wave, bumps, undercut, dishout, etc. None are absolutely flawless, (except mine of course.
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