Lunarpunk

Pretty much my conclusion is that, yes, although not necessarily greenwashing, it can be what it is; a practical way to light paths in the wood without needing to construct stuff nor pick up the litter.
This is huge actually. Don't underestimate the power of making fairy paths. I'm at Bornhack right now and I think I tripped over tent strings once per second day. I have a headlamp but the batteries ran out. The people marked out important paths like 'fire trucks go here' and 'this way from noisy camp to the bar' but us poor hammock-dwellers are left to our own devices, in the dark.

Also, can the fungus survive and spread outside of the wood? If you left this on the ground to biodegrade would you be introducing an invasive species to wherever?

As long as it's in an environment/territory where the fungus is occuring naturally, this shouldn't be an issue. The chips will be pre-seeded in whatever way, so in those the fungus will outcompete others due to having a monopoly of sorts. Outside the chips, it's every fungus for themselves.
Yes, the bioluminescent one will have a stockpile of food (chips) to build from, but that only lasts so long.
All the other fungi in that place, whereever it may be, will have been around for a long time for a reason, and won't be easily invaded by upstart wannabes.
(or well since fungi tend to spread everywhere regardless they probably already have genetically compatible neighbours anyway)