As far as I understand it, the CO2 escapes from the tank water into the trapped air bubble and is absorbed by the solution in the bulb (over time, things much reach an equilibrium), the CO2 level in the tank water and the bulb will equalise over a period of a couple of hours.
The reason for using a solution made up to a specified KH, is that in the tank other factors can influence KH. This will lead to errors when comparing KH & pH on the various charts (CO2 measurements can be a function of pH and KH).
Therefire the pH of the solution will change as the CO2 is absorbed. Most pH test kits show a green colour for a pH value of 6.6. Using the normal CO2 charts you can see that a KH of 4.0dKH and pH of 6.6 gives a CO2 reading of 30ppm.
The KH of the solution can be adjusted to cater for different CO2 levels. For example if I change the solution to a KH of 5.0dKH, then when the solution goes green (pH of 6.6) the CO2 reading is 37ppm.
Andy