As Sweetened says, a blood spot, or meat spot, is made up of a little blob of blood. Since blood is water soluble and an egg is mostly water, eventually most blood spots will dissolve and disappear.
Then there are spots that are little lumps of...something? They don't dissolve quite the same, although I suspect they fade.
In the past I have had an atrocious problem with blood/met spots which makes me support the theory that they are genetic and show up more often in brown egg layers than white. My blood spot problem got so bad I warned everyone who bought eggs to always crack them in a bowl and inspect them before using is baking or cooking. Easily 40 to 50% of all my eggs had a blemish.
I have had some terrible hatch rates. 100% fertility but much lower hatch rates at times. I have always wondered if a meat/blood spot in an egg is seen as a flaw or threat and the egg konks out half way through? I have no way of proving this, but wonder if there is a connection. Maybe the developing embryos does not know how ot handle this foreign object and it's game over.
Now that I've had different genetics in my flock over time, the problem has gotten better, but never completely gone away. I still break every single egg into a bowl before I use it for anything. (except hard boiling, obviously)