Accepted Offer, what does it mean?

It means nothing until there is a signed contract - see some other threads on this subject.

It means you can make a bid. Nothing matters until a contract is signed.

Is it unethical to continue to place a bid fully knowing that the seller/agent has already accepted an offer?

Accepted offer, to me, sounds like the contract has already been signed. If you are interested you can contact the realtor & tell them you want to buy should this deal fall through. An accepted offer, of course, is just hot air until both seller & buyer sign a contract.

Of course not. Until the listing says "in contract", it's fair game. Once it goes in contract, you can always call the agent to let them know you'd be interested if the deal falls through.

The term accepted offer just seems so misleading, I wish there would create a new word for it such as still accepting offer or highest offer is this on the website just so an interested buyer would know. Just feels very unethical to offer when you know there is an accepted offer already.