1, It's a song parody meme of Nsync's bye bye bye so three bis are needed for the meme.
2, There is no misinformation here in this meme. It's completely valid to have a sensual, romantic, and sexual orientation identity if someone chooses to express their identity that way. People who choose to do so, typically have an orientation that differs from another one they have. For example, it completely possible for a man to be only attracted romantically to women and sexually attracted to both. In that case, he could identify as a hetreoromantic bisexual if he wanted to and it would make things clearer to others who know him.