Note that 99.5% is the USP standard, which Humco meets. Also note that USP is not food grade, but what is used in pharmaceutical applications.
Yes, there are higher purities and yes, many times the purity on the label is an indication of the lowest purity allowed by the producer's process so the actual contents are often better than the label indicates.
What USP covers is available on there site. It's one standard, but you can purchase different aspects of the standard. Like packaging, or labeling, or production, so businesses that don't produce, and just package as an example, only have to pay for the standard that applies to them instead of the whole thing. There seems to be more confusion about this standard than AASHTO HS-20, which I thought was the most misunderstood standard in the USA until I started DIY'ing. (If you actually know and understand AASHTO HS-20 standard, you belong to an odd group as it is.)
That said, VG's have the greatest variety of notes of all the bases, so it's a good idea to try different USP VG's to see which you prefer, but any USP VG is acceptable to use.