They usually die when they start leaking fuel (externally onto the ground or internally into the engine oil). The check valves can go bad as well. Few other things.
The air bubbles could be a lot of things, none that I can blame on a fuel pump. Depends on what the bubbles are. Boiled fuel (early stages of vapor lock). Sloshing fuel in the tank allowing bubbles, gulps of air, into the pickup tube. Completely normal for carbureted engines. That is why there are fuel bowls in the carburetor, to take care of this stuff and get back to a steady reserve of fuel at the point of use. Also selector valve leaks, minor leaks on rubber hose or even porous rubber hose. Air leaks in through holes a lot smaller than fuel can leak out of.
Occosional bubbles are not a concern of mine.
Now the starved of fuel, when does this happen? First thought there is fuel filter.