Backlight bleed is bright light on the eges around the screen, it doesnt affect anything but the edges. If the bezel doesnt cover it up its bleed. IPS glow, clouding, flashlighting are different.
Yes, ubercake is correct, IPS monitors shouldnt be this bad. They're cutting corners which shows. Pro IPS monitors don't glow or bleed, and neither do TV's which are 2x, 3x, 4x larger than these monitors, as in it's not as noticeable.
Here's an important note about color accuracy, which a lot of people have absolutely no clue about and are experiencing nothing but placebo.
1. If a monitor has got some type of defect over the screen where colors aren't identical to other areas of the screen, then those areas can't display accurate colors.
2. If a monitor is placed in a room where the color temperature is dynamically/constantly changing, then the monitor won't be able to display accurate colors. It's simply not possible, because if you calibrate in a room and you then let in sun light, or change lamps to a different color, moonlight during the night, you have to calibrate your monitor for literally every single color temperature change, people don't do that.
3. You have to calibrate monthly.
4. Accurate colors are absolutely pointless to all consumers, including photographers and video makers, because 1% or less of the viewerbase are truly watching the content on properly set up and calibrated displays. Even what browser they use matters. So, people buying "IPS" monitors thinking it improves their videos are seriously mistaken.
5. Cheap calibrate tools often don't do a good job. It's likely that what you end up with is an accurate graph, but the colors still look off. To a professional, this is a big deal, to a consumer, it's the placebo effect, and lack of experience in the field.
To summarize, it's only worth spending the money on truly accurate colors if you're doing content for the THX standard for instance, or along those lines. Otherwise consumers throw away money, for no return other than placebo. Buying a cheap IPS/VA monitor is better than buying a more expensive monitor, and calibration tool, if you can't ensure it's accuracy throughout the day or night.