VERP is visible in CiviMail sender address
Bluehost appears to restrict outbound emails to the list of email addresses configured on your Bluehost account.

Since dynamically generated VERP address format emails won't exist in this list, Bluehost is unlikely to correctly handle outbound dynamic VERP addresses.

You might get more informed and informative responses if you include a bit more debug information to better describe the issue you're experiencing?