MEXX isn't very highly regarded here & I'm beginning to see why.
I think the wool layer is no longer "fused" to the back & that's why I'm seeing these wrinkles. Is there a way I can "re-fuse" this to improve the look?
Did this happen after pressing or dry-cleaning?
Would place a press cloth over the area and put a hot iron on the spot that is bubbling. Leave the iron long enough for the heat to penetrate and soften things but not so long to burn the cloth or so long it leaves an impression of the shape of the iron on the cloth. Don't move the iron around just apply pressure on the bubbled area and see what happens. Can't make it worse, unless you burn the cloth.
Don't move the jacket until the cloth has cooled and dried up from the heat. You could place a book over the area and apply pressure until the cloth cools. The pressure from the book will help bind the fusing and cloth and if the book is clothbound, will absorb some of the heat.
If you don't want to fool with it, take it to a tailor, not a dry cleaner.