That was not a bluff charge, that was an aggressive territorial charge... the reason he is alive is because the bear likely didn't know he was a human until it got a good snoot full of scent, at which point it broke off the attack and ran. I have had the same thing happen to me on two occasions over the years, and have also experienced at least two or three dozen "bluff charges." As for being "underarmed," I don't feel that he was... as a matter of fact the gear he was using would indicate that he has a fair amount of experience... while I like to have four arrows on hand, I rarely get to use more than one... bowhunting is a one-shot sport... you get them close and make it count. This bowhunter did not draw, because the bear's body posture was not conducive to a lethal traditional archery shot... he was likely waiting for the bear to move past him for a broadside to quartering away shot, but before that happened the bear detected his presence and reacted to his proximity. I have personally taken close to sixty bears with a bow, including a few stalked to under 10 yards and a couple close enough to slap. My very first bear was taken with a homemade "self bow" and cedar arrows, that would really have garnered "underarmed" criticism, but was in fact very effective at extremely close range.
This fellow was fortunate that the bear was not truly in predatory mode, if it were, it is unlikely that he would have survived.