Ever actually looked at those little bumps while your tire's still on the car?
The raised wear bars (those bumps you're seeing) and the penny test are basically two ways of checking the same thing - tread depth - but they work slightly differently. The wear bars are molded into the grooves at about 2/32 of an inch, which is actually the legal minimum tread depth in most places. When your tread wears down to the level of those bars, it means you're at that legal limit and your tires should be replaced. They're convenient because you don't need any tools, just your eyes. The penny test (inserting a penny into the tread with Lincoln's head upside down) is a bit more sensitive - if you can see the top of his head, you're below 2/32 and definitely need new tires. Some people use pennies to catch problems earlier, around 4/32, which is when wet traction starts getting noticeably worse.
Here's the thing: the wear bars are reliable for telling you when you've hit the legal minimum, but they're a reactive check rather than a proactive one. By the time your tread reaches those bars, your tire's already performing worse in rain and snow than it was a while back. I'd use both actually - glance at the wear bars regularly to know when you're getting close, but don't wait until they're flush with the tread. The penny test gives you an earlier warning if you want to be more cautious about safety. You could also grab an actual tread depth gauge from any auto parts store for like five bucks if you want precise numbers, but honestly the penny method works fine for most people checking things at home.