What am I supposed to do with Bug reports captured?
Where you share the bug report depends entirely up to you. A bug report can be generated regardless if there is an issue/error/crash or not.

Usually, bug reports are needed by developers and/or supports in order to find more details in pinpointing a specific issue. The bug report is essential since it provides a lot of details about the device from which the error/issue is occuring.

How you share it depends on how you are communicating with the developer or support, it's usually just through email, but it's also safe to save it via your own Cloud Storage account (e.g. Google Drive, Dropbox), then share the download URL.