I don't think that was actual bounce lighting, in simple terms all it probably does is that it turns on an invisible light of the same colour as the object getting lit and the movement of that light is dependent on the movement of your flashlight.
Basically it wouldn't work on every surface, and on the surfaces where you see colour bleeding it would be so because the developers specifically hand placed lights of that colour there. Then there are surfaces where you should have seen some minor colour bleeding (because the surface would be a light coloured surface) but instead they just reflected a general white light that was used whenever there were no hand placed coloured lights.
If it really was actual GI it would work without any manual inputs.
That would make sense for the Ps3 architecture considering they were fighting with resources but would be too time consuming for Uncharted 4 considering the scale of it all. I think i am going to wait for both games to come out before making assumptions, it's best that way. The only difficult thing is going to be time managing between QB and Dark Souls 3 which release so close together.