Microsoft is testing expanding its image search box within the Bing Search results to let you "explore" images in a deeper way. Part of this test brings you into Bing's visual search and also give you related topic and search queries and dive you into more details in Bing Image Search.
This test was spotted by Khushal Bherwani who posted videos and screenshots on X:
When you hover over an image in this box, you get this explore option - I was able to replicate this in one of my browsers, but generally you do not get this overlay option:
Here is a GIF of it in action:
Here is a variation that gives you a "visual search" option:
They take you into Bing image search, I believe - but when I tried it, the page just was blank, which is even more evidence that this is just a test.
Forum discussion at X.