Issue is because you are using 'total_bounds' method. It only produces a tuple with max and min points of bounding box. Method to be used is 'envelope'; previous to build its respective 'GeoDataFrame'. For instance, reading my shapefiles as GeoDataFrame:
import geopandas as gpd
pol1 = gpd.GeoDataFrame.from_file("pyqgis_data/polygon1.shp")
pol8 = gpd.GeoDataFrame.from_file("pyqgis_data/polygon8.shp")
Building bounding box of pol1 and creating its respective GeoDataFrame:
bounding_box = pol1.envelope
df = gpd.GeoDataFrame(gpd.GeoSeries(bounding_box), columns=['geometry'])
Intersecting both GeoDataFrame:
intersections = gpd.overlay(df, pol8, how='intersection')
Plotting results:
from matplotlib import pyplot as plt
plt.ion()
intersections.plot()
It worked as expected.
Editing Note:
By using 'total_bounds' method (because 'envelope' method returns the bounding box for each feature of polygons), it can be used this approach:
from matplotlib import pyplot as plt
import geopandas as gpd
from shapely.geometry import Point, Polygon
pol1 = gpd.GeoDataFrame.from_file("pyqgis_data/polygon1.shp")
pol8 = gpd.GeoDataFrame.from_file("pyqgis_data/polygon8.shp")
bbox = pol1.total_bounds
p1 = Point(bbox[0], bbox[3])
p2 = Point(bbox[2], bbox[3])
p3 = Point(bbox[2], bbox[1])
p4 = Point(bbox[0], bbox[1])
np1 = (p1.coords.xy[0][0], p1.coords.xy[1][0])
np2 = (p2.coords.xy[0][0], p2.coords.xy[1][0])
np3 = (p3.coords.xy[0][0], p3.coords.xy[1][0])
np4 = (p4.coords.xy[0][0], p4.coords.xy[1][0])
bb_polygon = Polygon([np1, np2, np3, np4])
df2 = gpd.GeoDataFrame(gpd.GeoSeries(bb_polygon), columns=['geometry'])
intersections2 = gpd.overlay(df2, pol8, how='intersection')
plt.ion()
intersections2.plot()
and result is identical.