Increases the rate at which OBS encodes and transmits, thus increasing the load on your CPU (and GPU if using NVENC). Another thing to keep in mind when streaming is if you are uploading at a high bitrate, viewers with low download speeds might actually not be able to watch your stream without buffering.
On Twitch, if you are partnered / have a lot of viewers, your channel will get transcoding. Their servers will take the bitrate you're sending them and transcode it down to lower quality/bitrate and viewers can choose a lower quality if they experience buffering, or to watch on mobile devices.