Doping the YIG with bismuth leads to a strong increase of the magneto-optical effect (Faraday rotation of the plane of light polarization) and, as consequence, increasing of the optical contrast in optoelectronics devices. In addition, substitution Y by Bi can lead to a strong induced magnetic anisotropy. See, for example, paper “Design of high-coercivity epitaxial magnetic garnet films for thermomagnetic recording and nanotechnology” / Vladimir G. Kostishyn, Alexander T. Morchenko, Denis N. Chitanov // Journal of Alloys and Compounds 02/2014; 586:s317-s321. DOI:10.1016/j.jallcom.2013.09.058 and references to it.
The role of bismuth in YIG system is very strange. Since 1965, after discovery the anomalous enhancement in magneto optical property of Bi-YIG, scientists continusly investigate on Bi-YIG system. Recent study show eventhough the Bi3+ is a diamagnetic ion however in YIG system due to hybridization of Bi3+ 6p at dodecahedral site with Fe3+ 3d at octahedral site, it plays as a magnetic ion. You check below paper :