Yes. If another carrier undercuts your bid, the platform can mark your bid as outbid and surface that change through the carrier workflow.
1What outbid means
It means a lower competing bid has entered the live market for that job. It does not automatically mean you should lower your own bid, but it does mean the customer is now seeing a different price position.
2What to do next
Review the job again. If it is still worth competing for, you can decide whether to update the bid. If it is not worth chasing lower, leaving it alone is sometimes the better business decision.