Where is the "bulge" you are talking about?
You mean the dome above the mica covered window on the side?
That bulge is supposed to be there, it is around the antenna stud of the magnetron. From there goes a waveguide (formed from the other side of the right hand inner wall of oven, with sheet steel cover welded on it) towards the mica covered window, where the microwaves radiate out into the oven box itself.
Now if that dome became red, most likely there was an arcover between the magnetron antenna.
The cause could have been either power surge in the mains, the antenna cap getting lose and/or some contamination (dust or even an insect crawling there when the oven was off), or a combination of above. Normally the 2.45GHz AC voltage on the antenna tip isin the 10's kV range, so once a discharge gets ignited there, the arc stays. And wgat caused the metal to go red was the huge heat from the arc there.
Unfortunatelly most likely the antenna cap is ruined, it is made of a rather thin sheet metal, so very readily melts with any arc. And once damaged, it does not have exclusicely rounded surface anymore, so it will become even way more prone to any arcing.
If you are lucky, it is just the antenna cup, which could be replaced, and not the RF output lead of the magnetron itself.
But do not mess with the microwave internals unless you really know what you are doing. There is 2.5..3kV, capable to deliver about an amp, so practically instantly deadly. Plus on top of that there us a capacitor, which may have remained charged to those 3..5kV (in case its bleeder resistor had failed before), so really safety rules for working with high voltage electricity apply there.
After replacing the cap, remove the mica cover, inspect it for cleanliness and any arc damage and completely clean up the waveguide cavity. Also clean the soot from the magnetron insulator just beliw tge antenna, so it won't trigger any flashover there. If the mica is damaged, better to replace it too.
Any sharpish speck on the wall and you will get an flashover again.
Burned antenna cap replacement videoExample of the antenna caps, but you should make sure you order the correct size for your magnetron, there are 4 sizes I have seen so far (different diameter and length)
Material to cut the waveguide aperture window cover from - be careful to not disintegrate it to million pieces...