Definition: A bug review checks reported bugs before they go further: whether each report is clear and complete, whether it's a real bug, and whether it duplicates one already raised. It usually happens before triage and prioritisation.
So what? Unreviewed reports waste developers' time and clog the backlog. During events like bug hunts, where many people report bugs at once, reviewing them can take much of the time the event saved.
Examples: A tester checking each bug hunt report against a bug reporting guide as it's logged. Rejecting a report because it duplicates an existing bug.