Yeah - the terms on the cards are that you cannot have received the bonus within 24 months of the new application date.
This is a non-issue for those of us for whom the "companion" is pretty constant and also has decent credit. Just alternate who gets the cards - first person gets cards, then nearly 2 years later, 2nd person gets cards, then nearly 2 years after that, first person gets the cards again. You've got near-continuous companion pass coverage for the 2 of you without even coming close on the "once per 24 months" thing on the bonuses.
If your companion, for example, is a minor, that 24 months on the bonuses thing becomes more of an issue.