Ultimately this is just a rag in a plastic can of probably petrol. The lighter doesn't look remotely operated so has no reason to be taped to the can, and the bolts are just hopeful.

The closest "bomb" to it is a Molotov cocktail, but they don't explode - they shatter and spread sticky propellant over cops. Even if they'd rigged to lighter to be triggered from a distance or by interaction, it would just light the rag on fire. You'd have a good minute or so to put it out or take it off the car before the can melted, leaving a puddle of burning petrol and some very hot bolts covered in melted electrical tape.

Actually, I suppose the lighter could explode at that point. Could take someone's eye out if they were stood next to it.

Edit: Thinking about it some more the ptrol doesn't even look like it's soaked that far up the rag, so even if it was lit, as long as you were quick and careful, you could probably grab the rag and pull it out, leaving you with a burning rag and a free can of petrol, which is very useful in this economy. So it's not just not a bomb, it's so unbomblike it's potentially rather helpful.

No visible working ignition source: How it that bic supposed to ignite something? You hope the guy idly flicks it?

Liquid fuel: Only thing capable of exploding is the vapors, which are almost certainly not at the correct fuel/air ratio to combust, much less explode. Even Molotovs dont explode, and you aerosolize that mixture with the impact.

No pressure vessel: Lets assume the first two dont apply. The body of the bomb is an unsealed pladtic petrol can. Should any pressure build up in there it'll either vent out the rag hole, or pop the plastic along the seam without propelling anything. You have to have a pressure wave to have a boom by definition, This would just kinda burn itself into a puddle.

This barely qualifies as an incindiary device, much less an "explosive". A bag of unsecured fireworks in the trunk is more dangerous.