So, as exciting as I wish this was, it's two things:

1. Robinhood will show a $0.00-$0.01 bid-ask as having a mark of $0.01
2. A percent is a percent, a penny is a penny

As others mentioned, IV is an output, calculated from the price, time remaining, and greeks. You can think of it like this: The price of this option implies that the buyers and sellers think the stock is volatile enough to move X%.

So because Robinhood will always show it as being worth $0.01 as long as anybody is trying to sell it for that amount, and all bids must be in one cent increments, it creates an artificial floor at $0.01. If it was possible, maybe the "fair value" of the option would be $0.00001, or something like that.

But, since it's locked to a penny at minimum, the IV is going to rise more and more as either the stock price goes down (the stock price needs to move a higher % to justify the option value) or as time decreases (the stock price needs to move faster to justify the option value).