It contains a fix for the DP 1.4 bug I believe.

From the Precision X1 release notes, ver 1.2.3.0 released 7/28/21
 

Adds RTX 3080 Ti & RTX 3060 12G Resizable BAR BIOS update upgrade

 
A little vague. My 3080ti ftw3 was shipped with a ReBar-enabled BIOS. Maybe it has a bug or this improves performance/stability?
 
Seems the "ReBar" problem is... no video output when you go into BIOS unless CSM is enabled when connected over DisplayPort. And enabling CSM prevents enabling ReBar. So it's more of a DisplayPort fix than a ReBar fix.
Some more info here:
 
FWIW the new version isn't in the TechPowerUp VBIOS database yet.
 
I am wondering if there are two different updates for normal and OC.
My OC BIOS was upgraded from 94.02.71.00.B0 -> 94.02.71.80.86
 
If the op upgraded to *.88 then I guess the new versions would are
 
Normal
94.02.71.00.AF -> 94.02.71.80.88
 
OC
94.02.71.00.B0 -> 94.02.17.80.86
 
Curious how the order of the version numbers reversed. AF is lower than B0, but 88 is higher than 86. I wonder if that is intended or if they got accidentally reversed.
 

Jetcat
The normal vBIOS that I’m showing after updating yesterday is 94.02.71.80.74 on my FTW3 3080 Ti.

Ah, I haven't switched over to the normal BIOS to update it yet. Maybe the OP did a typo in the post title.
So I guess it's normal = *.74 and oc = *.86?

I recently installed the latest version of PX1 and there wasn't a vBIOS update for my 3080 Ti. It's still running 94.02.71.00.B0. Not sure what that's all about, but I can say that I don't have the display port issue that plenty of others have experienced. Not too concerned about it, but I do find it odd that the new PX1 claimed it would update my vBIOS but didn't.

iBigOne

ObscureEmpyre
I recently installed the latest version of PX1 and there wasn't a vBIOS update for my 3080 Ti. It's still running 94.02.71.00.B0. Not sure what that's all about, but I can say that I don't have the display port issue that plenty of others have experienced. Not too concerned about it, but I do find it odd that the new PX1 claimed it would update my vBIOS but didn't.

I think it was a firmware update:
 
Release: 8/25/2021

1. Updates EVGA iCX firmware for improved monitoring accuracy.

I figured it out. PX1 likes to push firmware updates upon launching it, if any are available, but vBIOS updates are done manually via the ReBAR menu. I’m now on the latest vBIOS for both Normal and OC.

Tezuya
Hello, everyone,
Where do you download the new bios from?
It is that the first ones were urged by the PRECISION X1 but now not anymore...
All the best.

X1 will "push" any needed Updates to the Firmware
 
no "need" to change BIOS