A two-component two-dimensional (2D) dipolar bosonic system in the bilayer geometry is considered. By performing quantum Monte Carlo simulations in a wide range of layer spacings we analyze in detail the pair correlation functions, the static response function, the kinetic and interaction energies. By reducing the layer spacing we observe a transition from weakly to strongly bound dimer states. The transition is accompanied by the onset of short-range correlations, suppression of the superfluid response, and rotonization of the excitation spectrum. A dispersion law and a dynamic structure factor for the in-phase (symmetric) and out-of-phase (antisymmetric) collective modes, during the dimerization, is studied in detail with the stochastic reconstruction method and the method of moments. The antisymmetric mode spectrum is most strongly influenced by suppression of the inlayer superfluidity (specified by the superfluid fraction γs = ρs/ρ). In a pure superfluid/normal phase only an acoustic/optical(gapped) mode is recovered. In a partially superfluid phase, both are present simultaneously, and the dispersion splits into two branches corresponding to a normal and a superfluid component. The spectral weight of the acoustic mode scales linearly with γs. This weight transfers to the optical branch when γs is reduced due to formation of dimer states. In summary, we demonstrate how the interlayer dimerization in dipolar bilayers can be uniquely identified by static and dynamic properties.