Bimbo bread is "bambino bread"

A chance encounter with "Bimbo Bread" prompted Laura Payne to explore the history of the word (and the bread):

It wasn't until I turned the loaf over that I realized the brand's first vowel is meant to be pronounced as /i:/ and not /I/.

A paragraph on the back of the bread packaging explains that "Bimbo Bread (pronounced 'Beembo') has been bringing families together for four generations..."

The parent company is Bimbo Bakeries USA, part of Grupo Bimbo, based in Mexico.  But they have chosen for their brand name a word with Italian heritage and connotations...

"Bimbo" is a common nice word, used as a diminutive of (male) child. 
Child = Bambino = Bimbo.

It's interesting that the word evolved in this country to mean a foolish person/woman - presumably implying a child-like mental status.

Photo (cropped from the original) and text from A Walk in the Words.