The info is in the git object store (.git/objects) similar to how git stores files.
The tool creates `Blob`s that are committed to a `Tree` same as git does for files.
These `Blob`s represent git_bug `Operation`s though, stored as JSON. Those operations combined make up a `Bug`. You could technically create a directory of files from what git_bug stores, as git does for regular repos, but each "file" is more like a row in a database than a file.