Lucky you, it’s all over my company.

Def all over the business world. It's more polite than saying "okay, let's have a 5 minute break from this meeting so everyone can piss and get some more coffee"

I’ve never heard it in a business environment. Even as a IT engineer.

My friend manages a team of engineers and TAMs for massive companies that do stuff like make airplanes and manage phone networks and you know the names. They specifically produce a toolsuite and rent out pro-serv nerds to go to mammoth DCs and show people where they fucked up their cabling and double the throughput. Like, SO nerdy.

'bio break' is used a few times a day.