After recently doing a bulk edit and checking "None" under collection number for all my child profiles I did a reasign collection and the results showed 2188 but the collection "Owned " tab shows 2935.

Is this a bug error or am I missimg something?

Different strokes for different folks they say.  I create profiles for each individual disc and those are the only profiles that get a collection number, the count for each being set to "1".  All other profiles are considered box set profiles or holding titles as I like to call them.  They don't get a collection number, the count for those profiles always being set to "0".

I also never reassign collection numbers, because the collection number is used to index each of my discs.  I have a few friends that follow this method as well.  They store their discs in numbered sleeves rather than the original retail packaging.  Takes up less space that way.  You purchase a new Blu-ray, the disc goes in the next numbered sleeve which is also the collection number assigned to the disc level profile in DVD Profiler.

In my case I don't use numbered sleeves, the collection number instead corresponds with the changer slot the given disc resides in per my Sony 400-disc DVD and Blu-ray changers.  Reassigning collection numbers at any given time would defeat the purpose obviously.  The whole point of indexing each disc is so that they never need to be physically reordered.  Since the collection numbers are never reassigned that also represents in most cases the order in which each disc was added to the database in addition to always providing an accurate count of the physical number of discs.

By clicking "none," you are saying that this profile does not get a collection number. You could put a 0 in it, but the next time you go to reassign collection numbers, it'll change to the next in line. Clicking "none" gets rid of that hassle, if that makes sense.

But yes, it sounds like what you want is to make those child profiles say zero in the count as box.

Collection number and Count as are completely independant. This allow you to have two independant counters for your collection. You can do whatever you want. I use the Count as to count the number of movies and TV seasons in my collection; the collection number is for the physical box and it is sorted by purchase date. For instance, The Prison Break: Seasons 1-4 is a slip case of 4 keep cases. The slip case is a boxset parent with a collection number but a count as equal to 0. The four child profile, one for each season, have no collection number (set to none) but a count as of 1.  As another example. a keep case with one disc featuring two movies on the same side of the disc get a collection number and a count as of 2. You get the drift.

Reassign Collection Numbers does not effect count as, and only changes None if you check one of the boxes in the dialogue.

Yes, but the default is not checked. You would have to check it to cause a number to be assigned.