Bellows factor is just a formula for the increased exposure needed when the lens is racked out fairly far. The plate just shows you a focusing distance scale, since RB67 lenses don't have a focusing ring where the distance scale usually goes. As a bonus, the plate also tells you the exposure increase needed, since you're probably not metering TTL.
For example, to focus a lens at a distance of 10 times the focal length, you need to extend the bellows by roughly 1/10 the focal length. (VERY roughly - it's really more like 1/8 the focal length.) So for the 150mm lens focused at 1.5 meters, the extension would be roughly 150/10 ~ 15mm, and more accurately 150/8 ~ 19mm. That's what the upper scale in mm shows, following the curve for the 150mm lens.
The bellows exposure factor goes as the square of the (total bellows draw / focal length), or (169/150)^2 = 1.26. So you would need to increase exposure by a factor 1.26, which is about 1/3 of a stop. The lower scale in steps (or stops) shows that Mamiya has approximated this as: with the 150mm lens, from focus distances of 1.8 to 1 meter, you should use a compensation of 0.5 stops.
This is explained (without the math) in the user manual sections on distance scale, close-up photography, and exposure compensation. Read the manual. Then stop worrying about it unless you work at close-up ranges (< 10 x the focal length).