I hear the term often, but I’ve never used it; it makes me think of nuclear reactors!
I think it became ubiquitous in about 2016, when it could mean anything from the colour we go after a bracing trot to the blush pregnant (often hot) women experience - all we knew is that it’s good to glow! There is a similar term in the Korean beauty-care market - ‘glassy’ which seems to be interchangeable with ‘glow’ or ‘baby skin’.
It has somehow become the epitome of aspirational beauty. You can add a glow with coloured sticks of bronzer or by eating a healthy diet - no apparent discrepancy. It seems to have arrived to push out the term ‘anti-ageing’ as that implied that you actually can ‘anti-age’ and that ageing itself must be a bad thing - rather than an inevitable thing!
People usually mean it kindly, but probably couldn’t tell you what exactly they are describing, other than a perky complexion. If they mean it’s actually glowing, you may want to seek urgent medical assistance…