I've found two websites with similar definitions of recovered ocean-bound plastic:
Recovered Ocean-Bound Plastic as plastic waste collected from land areas where the plastic would otherwise be highly likely to enter the ocean.
Recovered Ocean-Bound Plastic is typically recovered within 50 kilometers of a seashore, or near streams and rivers that lead to the ocean, in countries or regions that lack adequate waste management infrastructure. ... this plastic ... a subset of Recovered Ocean Plastic, which also includes plastic debris that is collected directly from the ocean.
Ocean bound plastic is plastic waste that is collected and processed before it hits the ocean's shore or from the shoreline itself.
My take on "recovered ocean-bound plastic" is that it is a public relations gimmick. We all know that a some plastic ends up in the oceans, but not all of it. Some of it gets recycled and some of it end up in land fill.
Plastic recycling companies that process "recovered ocean-bound plastic" are ensuring that some plastic will not end up in the ocean and they are intercepting it prior to it having an opportunity to end up in the oceans. Basically they are doing what they have always done, they've just given it a fancy name to make them look good - the goody two shoes factor. If anything, they might be making more of a concerted effort to acquire plastic before it has a chance to end up in the oceans.