A bio is a biography or brief biographical profile of a person.
It exists to provide information which may or may not be desirable in some publication or document.
I have an "about" page on my blog. It's the closest thing to a bio I have because I try not to toot my own horn. I let my resume do that and it too is another bio like document I sometimes provide to others. If you receive it you are in the process of evaluating any relevant business prospects we may have in common.
Today is Update Your Bio Day.
It is observed each August 10 annually and is supposedly to provide that impetus to assess and update any biographical pieces you intend to utilize prior to sending something "less than current" out to anyone anywhere.
Seeing how I do little in the way of job hunting anymore there is really no need for me to be propagating a lot of drivel about how great I am.
I've seen bio pieces and business cards in particular where some dumbass calls himself "visionary" as though his weakling intellect could support the claim. If all you gain are other stupid people as business partners that simply couldn't be farther from the truth.
I think that the self righteous person such as this should decide exactly how significant a biographical update is to their state of being and act from that spot.
Regardless, if you need to update things for yourself I think you should go for it.
I believe in proactive handling of such matters but my last update replaced a piece which was well over 15 years old.
I supposes it's just not so significant to me as it was in an earlier place and time. The workplace can make you brazen. It can also make you not fully understood, recognized, or valued. If this is what you seek I highly recommend the incorporated municipality.