I think all of the bulge is the flares themselves, but looking closely it does look like raptor is different sheet metal too
https://hips.hearstapps.com/hmg-prod.s3.amazonaws.com/images/2022-ford-bronco-raptor-217-1643024001.jpg
FWIW i don't think reservation numbers were the be all end all, it was reservation timestamp. Need to get in my way back machine to see if anyone ever confirmed that reservation numbers were in same order as timestamp. Could be wrong though.