Official comment
You can create a group using the criteria "Bulk Email Status Not Equal To Single Opt-In AND Bulk Email Status Not Equal To Double Opt-In" to find all contacts that you cannot send mail to. This will include contacts whose Bulk Email Status is
- Hard Bounce
- Transactional Only
- Pending Review
- Unconfirmed

If you only want to find contacts that have their Bulk Email Status set as Hard Bounce or Transactional Only, you can use the criteria "Bulk Email Status Equal To Hard Bounce OR Transactional Only" like this:

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