According to Miriam-Webster it means the muscles are enlarged and damaged, possibly due to excessive training. I think I've seen it (in a literary context, possibly old) but don't hear it used in BE on an everyday basis.
There is not that cultural reference, and it's not muscle-bound, but there's not much context: it is the description of a man never encountered before, everything is in the lines I'm going to report:
"I lay propped on one elbow looking down at a colonel in full uniform in bed right next to me. His mouth was slightly open, his arms raised overhead, his legs crossed at the ankles. He was beautiful-full lipped, broad-chested, powerfully bound. He had a limp from a bullet in the knee. His wife ran a division of military intelligence."