The function \( f(x) = x^2 + bx + 1 \) is increasing if \( f'(x) \geq 0 \) for all \( x \in [1, 2] \). Differentiating \( f(x) \):
\[ f'(x) = 2x + b. \]
For \( f'(x) \geq 0 \) in \([1, 2]\), check the boundary points:
At \( x = 1 \):
\[ 2(1) + b \geq 0 \implies b \geq -2. \]
At \( x = 2 \):
\[ 2(2) + b \geq 0 \implies b \geq -4. \]
Thus, the least \( b \) satisfying both conditions is \( b = -2 \).