There is also an asteroid named 2991 Bilbo.
I like that you could use the nickname 'Bill', or 'Bo', and ends in 'O' names are very popular right now. Despite these attributes, Bilbo does not appear as a name in the Social Security Administration's name database. Unfortunately the name is too closely associated with the character to be usable as a first name for a child. It could be used as a quirky middle name, or as a name for a beloved pet.