Of course it does make sense. Just because you can't see something visually does not mean it can't use event bubbling, much less events in general.
An illustrating example:
Imagine you have some sort of tree model, for example an organigram of a company and you want to notify the higher ups when a node is inserted (new employee) or something has changed. You could then, for example, raise the event "Developer Jane just married, her surname changed to Smith". Some of the higher ups (such as her deparment lead) might be interested in such an event and send a greeting card, raise her salary or simply congratulate her. Just bubble it up, so the higher ups needn't subscribe to the surname change event of every person in the company, but get it anyway and can handle it, if they want to.
The logic would be much more complicated when they had to subscribe events from each individual. Whenever an individual was added, you'd have to traverse the tree for people interested in the new individual and subscribe to any events of interest explicitly. From a programmer's perspective, this is much more complicated then just receiving the event and then deciding whether you're interested in it or not. It'd lead to a pretty complex net of interconnections that is more difficult to manage and maintain. The first thing that comes to my mind are possible serialization troubles.
Now I am sure there're better examples out there, this was just the best one I could come up with in 30 seconds. But as you're intending to build an event dispatching system, I'd like to point you to the event aggregator pattern, which is a nifty little multipurpose tool that such a framework should not miss, best implemented like Microsoft does it in my opinion.