"Microwave Susceptor". Its a super thin layer of aluminum or graphite that absorbs microwaves and gets really hot. Its in the bottom layer of the bag and the reason for "this side up".
Wow, I assumed similarly - that there's something in the bag that helps the air inside heat up. I guess maybe moisture in the corns is enough. I learned something new and useful today, thanks!
Guess how early (70s) microwave cookbooks told you how to make popcorn, before Orville Redinbacher got involved. Yet my wife, same age I am and read the same cookbooks, buys pre-packaged unflavored microwave popcorn from the store. </shrug>
Not to mention you can customize the popcorn better if you like to add seasoning.