As I said previously, "I am" (that is, existence-consciousness) is inherently complete, hence the use of the word "bliss". I is Am is complete (infinite) Completeness (or bliss). It's not that consciousness observes existence which gives rise to bliss, or that consciousness perceives bliss through change of form of existence.

Existence is not bound to matter, forces, neither nothingness. It is completely unsubstantial. Almost as if it was not (and that's pretty much why reason alone cannot take you any further — claiming that existence is not non-existent and not existent is as irrational as it gets, and yet it's as close as existence can be described). And this existence is no other than you, that is "I". And because you "I", you automatically "Am", which is in itself complete.

But frankly, at this point it's just one huge solipsistic pretzel that goes on forever and does not say much if one does not know :D