OK, checking my Fiend Folio and the SRD.....
I can't seem to find the quote I thought someone mentioned before that torches could harm swarms. Odd.
3.5 apparently changed swarms to take +50% damage from area attacks, whereas the Fiend Folio just gave them -10 on Reflex saves against area attacks (and double damage from those that didn't allow a save). I guess it's simpler, though.
Bloodbloaters have fire vulnerability, so altogether they'd take 2 points of fire damage from the splash of an Alchemist's Fire flask. Out of their 22 hit points, that's not much, so it'd take 11 flasks to kill one bloodbloater swarm. Alchemist's fire costs 20 gold pieces. Most 1st-level adventurers do not have much GP to spend on alchemist's fire, and will be lucky if they're carrying even just 1 or 2 flasks each.
A 1st-level sorcerer may, if he felt inclined to spend one of his two 1st-level spells known on Burning Hands instead of the much more useful Color Spray or Sleep, and who doesn't mind not casting any defensive spells for the day, be able to cast 4 Burning Hands in one day, dealing an average of 4 damage with each to the bloodbloater swarm, considering its vulnerabilities. So he could do 16 damage to it by himself (would range between 8 and 32 damage depending on how poorly or awesomely he rolled). If he rolled insanely well, he could kill it with 3 or 4 Burning Hands. But most likely that bloodbloater swarm will be alive and kickin' after he's blown his wad for the day. Then it's up to hoping that he or another party member has several flasks of alchemist's fire on-hand.
The average guy has around 100 gp or so to start with, and after armor and weapons (or spell component stuff, and/or a familiar) and basic supplies/gear, most of the PCs won't have any alchemist's fire except maybe, possibly, 1 flask. The party's mage may have 2 or 3 flasks, perhaps. And this is assuming they expected to really need alchemist's fire on-hand, despite the hefty investment for a typical 1st-level PC. Not going to have enough to kill the bloodbloater swarm, usually. Still, it's remotely possible.
Someone may've rolled high on their starting wealth and decided it would be prudent to buy half a dozen or so flasks of alchemist's fire (120 gp for 6, 200 gp for 10...); and other party members may've decided to buy a flask or two just in case, so there just might be enough, if by some fluke every PC chose to invest in it at character creation (rather than spending most of their starting wealth on armaments and basic supplies).
Of course, fewer flasks (but still a few, usually) are needed if the party does happen, by chance, to include a sorcerer with 12+ Charisma, the Burning Hands spell, and none of his/her spell slots used up beforehand.
My point being that, really, the bloodbloater swarm has absolutely no place being pegged at CR 1 in the Fiend Folio, and yet it is. It's more like a CR 3. 1st-level PCs can't be expected to be perfectly ready to handle one of these, and yet they'd have to be so prepared or else they'd stand no chance of defeating it.