It would require editing all the VFX nodes, but sure, it's possible. The underwater suit you pictured uses fx_bubble. I could mess around with trying the settings it uses. The other option would be to replace the chunk model for the current bubbles, fx_koltobub, with an actual spherical mesh rather than the pointy cube it uses currently.
I'm curious as to what changed though, as I don't recall the vanilla bubbles being that opaque and obvious. I didn't touch the VFX nodes in the room model.