I think this is the second private module installed on ISS, following Bigelow’s inflatable BEAM module. Bishop is for equipment only, and supplements the equipment airlock on the Japanese Kibo module. It is also five times larger, and rather than use hatches, it deploys equipment outside of ISS using the robot arm. Each time Nanoracks wants to use it to deploy a commercial cubesat they will use the arm to unberth Bishop, deploy the satellite through the docking port, and then re-berth it.
Bishop and BEAM are harbingers of the future on ISS. Axiom will be adding its own private modules in ’24. And then there are the upcoming private tourist flights. Both Axiom (using Dragon) and Russia (using Soyuz) have such flights scheduled before the end of ’21.
Assuming the economy doesn’t crash due to government oppression and mismanagement, gradually over the next decade expect operations on ISS and future stations to shift from the government to commercial private operations, aimed at making profits instead of spending taxpayer money.