where's the exterior air sealing like you'd get with sheathing?
Tyvex is commonly used here. It's actually water tight and vapor permeable (it doesn't seal air).
I'd think the problem with bubble wrap and R panel is going to be a "gap" in many places between the R panel and wrap. If you can "press" it in with R21 insulation, that might work, but I'd want to see another shop in your geography done the same way.
Steel building companies like to sell "blanket" insulation here, I guess that works too, my guess is it doesn't leave an air gap though.
I just spray open cell foam straight on the R panel. Works great. But for stick and brick home construction, we wrap the outside of the house with Tyvex and then use spray foam or traditional bats. I see people saying that this can't possibly work and "it'll void your warranty" but I call hogwash.. Any place where your insulation traps water is going to void your steel warranty and LOTS of shops are built this way here, many standing for 10-20 years without a problem.
My favorite insulation is hybrid. 1" of closed cell and then do traditional fiberglass/rockwool or whatever. Most cost effective way to do a tightly insulated structure IMHO.
OP, it appears that a LOT of this depends on geography (climate).