Regarding "why you want to clip the text in the first place", I'm simply trying to make that image the size of the 'bounding box' and save it (and then make it's background transparent) (and then use it as a watermark on an uploaded video).
The text already is the size of the bounding box. That's what the bounding box shows you, the size of the object. However, to use as a watermark, I'm guessing you probably need the page to be the same size as the object. (Remember that raster graphics (GIMP) and vector graphics (Inkscape) are very, very different.)
Although I don't know that for a fact. I guess you either need the page to be the size of the text, or the size of the video.
First, delete all your other contents, all the clipping paths you made, everything but the text.
If you need the page to be the size of the video, go to File menu > Document Properties > Page tab > Custom Size. If you need it the size of the text, first select the text, then File menu > Document Properties > Page tab > Custom Size > Resize Page to Contents.
Now, the page is the right size. Next, transparent background. Inkscape's background is transparent by default. So as long as you typed the text in Inkscape, and didn't import a raster image, it's already transparent.
To use as a watermark, you probably need to make the text partially transparent as well. There are a couple of ways to do that, but the easiest way is Object menu > Fill and Stroke > Fill tab, and find the Opacity slider near the bottom of the dialog. First select whatever you want to be transparent. Then just slide to your desired amount.
Save and done!
(I'm just guessing, but I think your attempts at clipping have been failing because you don't have both objects selected at the same time. But I don't think you need clipping after all.)