Hello Bamah,
How did you enter "1 or 2" in the smart list filter? You should use the multi-select tool by clicking on the plus sign in the corner of the category entry box. This will bring up a dialog box where you can select both values for 1 and 2. If you just type into the box "1 or 2", then the filter will look for the single value of (1 or 2) rather than each individual value of (1) or (2). Does that make sense? Since no bounces have the category (1 or 2), searching to find everything that isn't this category will return your whole list of bounces.