You roll to hit with the bow as normal. You are trading the touch attack for range and for weapon damage and doubling up with archery feats.
The ability you link is very clear that there is no explosion on a miss. Splash is as usual.
Just reread the ability. It's a bomb enhancement on the missile, bomb plus missile damage, no explosion on miss. It's all spelled out.
Benefit: As a standard action, the alchemist can infuse a single arrow, crossbow bolt, or one-handed firearm bullet with the power of his bomb, load the ammunition, and shoot the ranged weapon. He must be proficient with the weapon in order to accomplish this. When the infused ammunition hits its target, it deals damage normally and detonates as if the alchemist had thrown the bomb at the target. If the explosive missile misses, it does not detonate.
Don't Worry About It
That entry on the Table: Actions in Combat really is for preparing splash weapons that need to be prepared, and the action that needs to be taken to do so really is only for preparing those splash weapons that actually say they take full-round actions to prepare.
Proving a negative ("Alchemist's fire doesn't take a full-round action to prepare") is really hard because the rules usually enable rather than negate, but you've found, I think, in lamp oil, literally the only splash weapon that actually takes a full-round action to prepare. How do do we know? Because lamp oil says it takes a full-round action to prepare. Items list how they're used in their descriptions, so lamp oil takes that long to prepare and alchemist's fire doesn't take any time at all.
That table entry is for completeness not for general application. Otherwise, lamp oil would take two full-round actions to prepare, the first for its description and the second for the entry on the table.
"But I want to use all the rules!"
That's cool. The rules are there, so you should use them. Try this: Yes, creatures must spend a full-round action that provokes attacks of opportunity to prepare a splash weapon. But, as there's no further information about this table entry anywhere, the splash weapon can be prepared at any time--like right after it's purchased, maybe while the purchaser's still standing in the shop--, and then that splash weapon is prepared forever. Thereafter, the splash weapon's used just like it says in the splash weapon's description. Maybe splash weapons are all sold in clamshell packaging or whatever.
Note
That same entry was in Dungeons and Dragons, 3rd Edition, and that entry only ever applied to oil in that game, too.
Best Answer
As Pathfinder has a basis largely in simulation, I rule in this case (I have a monk PC in my game and it's come up) that he can deflect the full effect of the weapon but still takes any splash damage.