In hypersonic near-continuum flows involving diatomic gases, the influence of bulk viscosity (BV) is substantial. This study presents the development and comparative analysis of diverse BV models tailored for calorically complete, thermally complete, and thermally nonequilibrium gas models integrated within the classical Navier–Stokes–Fourier equations. The models exhibited a strong correspondence with the experimental data and other computational results. The effects of BV on the shock structure and flowfield characteristics were studied in detail. The analysis revealed that, in the context of the nitrogen shock structure, the inclusion of BV in the Navier–Stokes (NS) equations leads to density profiles and shock thickness predictions that align more closely with experimental observations and direct simulation Monte Carlo (DSMC) simulations. Furthermore, it was demonstrated that accounting for vibrational excitation in thermally complete gases yields superior results compared to calorically complete gases in terms of shock structure representation. In the case of hypersonic diatomic flow around a cylinder within near-continuum conditions, not only does slip boundary play a role, but the consideration of BV is also crucial for accurately estimating the wall heat flux, frictional resistance, and spatial flowfield distributions, all of which closely resemble the DSMC results. Ultimately, the study concludes that BV expands the applicability of conventional NS equations to a broader range of Knudsen numbers, primarily because of the enhanced capacity of BV to capture nonequilibrium phenomena at the shock interface.