Well, there are no real answers to "how is this made", because you cannot, nor need to know and you cannot replicate it precisely.
Processing-wise I don't hear much else than pitch modulation. The layers sound like synths, but of course there are other ways to get a sound that has a "synthetic" quality than using a synth. But then again, synths are the simplest to operate in terms of applying pitch modulation, the other option is to draw automation, you can do both. And the modulation waveforms here aren't complex (the initial burst is random or just so fast and inharmonic that it becomes noise, like in FM synthesis), the bubbly synth's pitch modulating waveshape could be an inverse saw or something that "goes down" (could be a looping envelope as well), it could be some preset custom shape in a synth. The bubbly sound also has some envelope style pitch modulation, because you can hear it slowing down, instead of the pitch modulation happening at a static speed.
Try to break it down to separate sounds and then start building those sounds, with a synth. For example there's the initial fast FM synthesis-style noisy burst and the slower and smoother bubbly synth sound that fades in after it. After doing those you're left with something that you can fill / add more frequencies to, and then you find/create something that you can add to it to make it more complete.