I experienced the exact same thing yesterday. After much faffing with most of my suspicions on the regulator, solenoid and gas bottle itself, it ended up being a severely blocked bazooka diffuser, which even after cleaning with H202 and then bleach dipping followed by prime dipping, still didn't clear it, so I switched back to an older glass diffuser temporarily. Anyway...yep, a blocked diffuser can certainly make a mug out of your bubble counter and send you into a tizzy. In future though, it'll be the first thing I check, and I'll work backwards from there.
BTW, the bazooka diff had been laid up un-used in the tank for a while with Co2 going into a reactor instead. I guess it had algaed up and fossilized itself just to express it's disgust at being unemployed for so long!!...lol
Mike