My favourite story about bioluminescence is "angel's glow" in the civil war.

A bioluminescent microbe colonised the wounds of civil war soldiers, beating out pathogens and preventing sepsis.

https://www.utmb.edu/mdnews/podcast/episode/glowing-wounds

I wasn't aware that rotting wood could be bioluminescent until I saw it myself one night during a walk in the woods. I was familiar with the terrain which enabled me to navigate at night without torchlight. My eyes were accustomed to the dark, I wouldn't have spotted it otherwise. On seeing the mysterious glow I turned on my torch to inspect - it was an oak branch tinged with a characteristic blue color, and very wet, the texture of the wood was very soft. Location: Surrey, UK.

> Unlocking the mechanisms behind fungal bioluminescence could provide an electricity free light-source for the future with a low energy requirement. A battery-free or plug-free sustainable light source based on bioluminescent fungi would be beneficial for the environment and help us meet net zero targets in line with the IPCC synthesis report.[55] Utilizing bioluminescence to illuminate our homes and communities would result in energy savings and a reduction in CO2 emissions. The alternative light source would also reduce nighttime light pollution, a global concern in large cities. For example, bioluminescent wood was used to illuminate the compass and depth gauge of the first submarine, the Turtle, at Benjamin Franklin's suggestion.[56]

Ctrl-F "efficien" => no search hits for efficient or efficiency. Is there any indication to believe these deeply multistep chemical processes to be more energetically efficient than modern electronics & LED's operated at similar radiant powers?

Or is the idea that this can absorb clean wood waste streams? If so all these proposals will need a benefficiency coefficient: i.e. how much LCO energy saved by not simply letting wood rot, such that many competing ideas of what to do with "clean wood waste streams" can be compared; already lots of organic waste streams not digestible by humans or livestock are being intentionally digested by microbial organisms to extract useful protein suitable for livestock...

I'm growing panellum stipticus on some wood and rice right now. The glow is very faint but quite satisfying to perceive. I hope to make a nice nightlight out of it

Another 'usefull' rot is what forms the incense Agarwood, popular in arab and asian culture, where a certain type of forrest/jungle tree is infected and, after 50yrs, results in the highly sought after perfume that can run you in the tens of thousands $ per kg.