This one can take more temperature than most. It looks OK at cone 5 (bottom bar). But at cone 6 bloating (bubbles) begin to occur. This body, while smooth to the touch, contains some iron and sulphate particulates that generate gases during firing, these are the catalyst for the bloating (the clay matrix becomes dense enough that it can no longer vent the gases of decomposition through it).
When clay materials and bodies bubble as they melt or over fire. This normally happens in raw materials that contain particulates that produce gases during firing.
The term Terra Cotta can refer to a process or a kind of clay. Terra cotta clays are high in iron and available almost everywhere. While they vitrify at low temperatures, they are typically fired much lower than that and covered with colorful glazes.
Bloating in clay bodies occurs when the firing goes high enough to seal the surface and prevent the passage of gases releasing inside.