Bump your phones together. Bump them together again. Wait for both to connect to the central Bump server, potentially failing to do so. Approve the transfer. Accept the transfer.
Now, lets assume the same amount of development effort goes into writing a proper interface for Bluetooth transfers. It could be something like:
Put two phones near each other. Drag an image/contact/money onto the "Bob's Phone" on my screen. Bob drags it from his inbox to wherever he wants it.
That seems easier to me: it doesn't involve third parties[2], complex bump-matching heuristics, or physical contact.
[1] http://bu.mp/faq
[2] Even if Bump's servers have 100% uptime, how do you know that the local cell towers will have similar records? What if you're in San Francisco or New York, which have notoriously poor iPhone reception?