Two-photon bunching and superbunching are important to understanding the physics of ghost imaging and second-order interference of light. With the help of the recently proposed superbunching pseudothermal light, the physics of bunching and superbunching in superbunching pseudothermal light is studied in detail. A special two-photon coincidence count detection system is designed to measure the required two-photon coincidence counts. It is concluded that the two-photon superbunching effect cannot be observed without taking the intensity changing process into account. A similar conclusion holds for two-photon bunching of thermal light. The conclusions are helpful for understanding of the physics of two-photon bunching and superbunching in intensity or photon number fluctuation correlation theory.