Well, it's hard to know what "course" is without context. But I'm guessing it's either a school course (i.e. taking a class) or a land course (i.e. driving on a road). It can't be a ship course because you don't generally get bumps on ships, you get waves. But all of these courses can be bumpy. The land ones in a literal sense, and the school ones in a figurative sense.

It's hard to say without context. I'm guessing it refers to golf courses, and is saying that all courses have a large number of on them.

The sentence has little to do with golf courses or with formal education. It refers to life itself and the problems we encounter as we live our daily lives. The course of life is merely the total of experience as we live. No one lives a trouble free existence. The situations we face are the "bumps" and the path we take is our "course".

It's usually 'every road has its bumps', meaning something along the lines of every positive has its negatives or difficulties.