It depends on the vendor, really. If it is a vendor that you know you can trust, then you probably don't need to re-pot. Some vendors, however, just top old medium with new and ship out the plants or they take the entire root ball out of a smaller pot and dump it in a larger pot and just put new medium around the old (larger pot size is usually equated with a more mature plant).
As I prefer LECA and red lava rock in a basket pot, I dump new orchids out right away. The few times I have not because I have been busy, I have really regretted it.
Concerning the burying of the bulb, I have done this many times without problem but it does depend on the medium and how wet the medium stays. If you have a medium that drains and dries quickly, it will be fine. If your medium stays wet, you are right to be concerned.
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