And it shows under the "Information" tab on the profile page.
It is possible to move that value to a new tab by editing the member_view template. For content that isn't a new page request you can refer to the default "Information" tab in the member_view template. Search for id="info" and #info to see the code for that tab. You can duplicate that code with a different id to create a new tab, then move the code for the "About" field to that tab.