Understanding the wide and height label in a bounding box

Not quite. First, b_w and b_h are the shape of the bounding box, not the object. In this case it is a ground truth bounding box, I think (not a predicted one). In the first image, the one of the truck, 0.3 and 0.4 are ratios of the ground truth bounding box shape to the entire image shape.

In the second image, which has added the concept of grid cells a la YOLO, the values of b_w and b_h represent ratios of the ground truth bounding box to the grid cell shape. b_w = 1.0 is thus a bounding box exactly the same width as one grid cell. 1.3 means 30% larger than one grid cell.

There is a much more elaborate examination of YOLO grid cell and bounding box relationships in these previous threads: