You can find a similar approach in the Mix and Match, as well as Stretchyman example projects:
https://esotericsoftware.com/spine-examples-mix-and-match#Bendy-limbs
https://esotericsoftware.com/spine-examples-stretchyman
You could achieve a better bending result by adding a few more vertices, and possibly also a few more bones, below you can find a comparison gif:
The gif comes from this article about meshes: https://esotericsoftware.com/blog/mesh-creation-tips-vertex-placement
Please make sure to consider the max zoom level at which your character will be seen and how important it is to see this bent limb, as sometimes we focus too much on unnoticeable details, resulting in very complex rigs where this complexity may not be so apparent (See comparison gif, where the 4 different structures look the same in movement, so the solution with less bones and vertices may be best. However, as soon as the position is very extreme and held for a longer time, it is actually best to dedicate more vertices to it).
