I think you need to read this info from your amp's maker:
How the Bullhead Works – Trickfish Amplification
Very specifically there's a couple of things you should be aware of. The High in the "High/Low" switch is for a High gain signal coming out of the bass (usually from an Active EQ bass). Low is for a "normal" gain signal coming out of a passive bass or an active EQ bass that just doesn't have a hot signal.
If you have it in the Low section and that gain clip light is coming on when you have the dial set at 9 o'clock or lower, then switch that toggle to the "High" selection. That should drop the input gain by a lot - usually 12db to 15db. Ideally this will let you get your gain up somewhere between about 10 o'clock and 2 o'clock and will give you much better granularity - easier to dial it in just right.
You've using the gain adjustment all wrong. The gain signal has a clipping light. That's basically a "gain-set" light. It's OK to have that light flash on your loudest and lowest notes, you just don't want it to stay on all the time. The idea behind it is to tell you when your sending the clearest, strongest, lowest distortion signal down the line to be amplified. As you adjust your EQ, that gain signal can change.
So, you want to set up your gain first with everything set flat. Then, after you play with the EQ to get the sound you want, adjust that gain again if necessary. If it's not coming on at all, turn the gain up. If it's coming on and staying on, turn it down. If it "dances" then you're fine. Now you control the volume out of your rig by adjusting the master. That "Master" is also controlling how much power you are pushing to your cabs.
By turning your master all the way up or close to it and using your gain to control the volume, you are trying to amplify a weak signal. And, because the gain signal is weak, you end up amplifying a lot of noise with it. That may very well be what blasted your speakers if you have actually blown one or more of them. Turning the master up and down controls how much power is being sent to the cab.
If you run the master way up and then use the gain to control your volume, you are running your amp a lot hotter and putting a lot more power into the cab than you are realizing. Some old Ampeg SVT's (an all valve amp) were made to function that way, but your Bulldog was not. In that case, you may well have melted the voice coil on one or more of your speakers because although it didn't sound particularly loud, you were sending out close to max amount of power your amp can produce.
You probably didn't hear any farting sounds from the speaker because the mechanical maximum (Xmax) wasn't being exceeded. But you may very well have been sending way too many watts to it and fried a voice coil or two.
So you'll need to change the way you're using it. Read the info in that link at the top of this. He explains how to use his amp very well.