You do not seem to grasp the concept, but we a similar approach, volume is liquid height, and therefore is wetted area. Subtracting the volume of the bubble caps because the bubble caps do not contain liquid results in a smaller volume increase of the column sump and subsequently in a smaller wetted area (note that often trays are not complete circles, so further volume could subtracted). As stated by whammett this is less conservative approach.
As stated earlier, it is usually assumed that the liquid on the trays ends up in the column sump (see API STD 521, table 5) because the fire scenario is evaluated assuming that the column is blocked in and all mass and heat flow to and from the column has stopped. One could add the liquid height on the trays (all of them) to the level of the column sump but one could also calculate the volume of the liquid on the trays and relate that to column sump liquid height.
Note that in your equation you do not use liquid hold-up (volume in my interpretation) of the trays but liquid height (weir height?) on the trays.