| Aro |
So it seems to me that for this to work, two conditions need to be met:
1) Attacking with, not just creating, bombs is Supernatural.
2) Splash weapons 'rely on a ranged touch attack to hit the target' in the manner that Conductive Weapon specifies.
There seems to be a general consensus that #1 is satisfied, but there hasn't been much discussion of #2. For reference, the relevant text from splash weapons:
A splash weapon is a ranged weapon that breaks on impact, splashing or scattering its contents over its target and nearby creatures or objects. To attack with a splash weapon, make a ranged touch attack against the target. Thrown splash weapons require no weapon proficiency, so you don't take the –4 nonproficiency penalty. A hit deals direct hit damage to the target, and splash damage to all creatures within 5 feet of the target. If the target is Large or larger, you choose one of its squares and the splash damage affects creatures within 5 feet of that square. Splash weapons cannot deal precision-based damage (such as the damage from the rogue's sneak attack class feature).
You can instead target a specific grid intersection. Treat this as a ranged attack against AC 5. However, if you target a grid intersection, creatures in all adjacent squares are dealt the splash damage, and the direct hit damage is not dealt to any creature. You can't target a grid intersection occupied by a creature, such as a Large or larger creature; in this case, you're aiming at the creature.
It is ambiguous to me how conductive fits in to that; there seem to be a number of plausible interpretations.