In depth
Print cutters are accurate but not perfect; a stack of finished sheets can shift by up to a millimetre as it is cut. If a background colour or image ends exactly at the trim line and the cutter is half a millimetre short, the finished piece shows a white sliver. Bleed gives the cutter room to err: the image extends past the trim and the surplus is sliced off.
Bleed only applies to elements that are designed to reach the edge — full-bleed photographs, coloured backgrounds, edge-to-edge stripes. Type and other elements that need to stay visible should be pulled inward from the trim by a similar margin (the "safe zone") for the same reason: a slightly mis-cut piece should not lose the last letter of a line of body copy.
In a properly prepared file, bleed is implemented as content extending 3mm past the artboard or page boundary, and the PDF is exported with bleed marks turned on. Preflight at the printer's end checks for adequate bleed and flags pages that lack it. PeakSpitz AIERP includes a bleed check in its automated preflight pipeline.