I did, Mikey.
Oxygen disinfects because certain types of bacteria are anaerobic, or "live without oxygen". In fact these types are so intolerant of oxygen, they die when exposed. The catalase in the wound elicits the decomposition of hydrogen peroxide to water and oxygen, and causes the foaming. The bacteria themselves, generally do not.
What people are unaware of is that Hydrogen Peroxide is a fairly "weak" disinfectant, simply because not all pathogenic bacteria are anaerobic. A few types are actually aerobic and survive a dousing with H2O2. That's why doctors and hospitals rarely ever use hydrogen peroxide, and instead use either alcohol or iodine topical.
For household use, H2O2 is a favorite because it doesn't sting, and people are really excited by the bubbles, incorrectly thinking that the bubbles are the bacteria reacting.