Where are the generated bundle files placed?
bundles.Add(new ScriptBundle(\"~/bundles/jqueryall\") .IncludeDirectory(\"~/scripts/\", \"*.js\", true)
They are bundled up dynamically (in Memory I assume) and served to the client being sent down to the client as a single item (you should the single JS file see it if you use fiddler of F12 => Network).