I don't think he is called that for any particular reason. His fellow politicians viewed him as a goofy dumb Cowboy so they called him "Bingo Bob." If he did earn that nickname in some fashion the writers have yet to reveal it.
The episode where he is first mentioned only make reference to the fact that he is perceived to be in the pocket of mining interests and is not particularly swift on the uptake. But no actual source of the "Bingo Bob" moniker.
Funny concept of abducting a scared, non-English-speaking family and destroying their home only to rebuild it with no experience and no money. And fire. Only laugh-out-lound momoent for me was Frank being stabbed in the leg and then pulling a gun.