It's not on the bounced list because it's not bouncing. Somewhere between it being sent by NS and received by the end user's mail server it's getting lost or stuck so the end result is that the email delivery times out. My bet is that it's an issue on the client's email server relative to the sender being from a NetSuite address (assuming it's using
system@sent-via.netsuite.com). It's a tricky one since it's most likely the clients issue to solve.
You can also go to Setup > Company > Communication > Sent Email List or
Lists > Mailing > Undelivered Emails and see if that tells you anything more.