Let $f:\mathbb R\to\mathbb R, \;f(x)=\dfrac{x^2+bx+1}{x^2+2x+b}, (b>1)$ and $f(x), \dfrac{1}{f(x)}$ have the same bounded set as their range, then value of $b$ is
My Approach:
Let $f(x)=y=\dfrac{x^2+bx+1}{x^2+2x+b}\implies(y-1)x^2+(2y-b)x+(by-1)=0$
since $x\in \mathbb R$ we must have $D=b^2-4ac\geq 0\implies (4-4b)y^2+4y+(b^2-4)\geq0.......(1)$
Also Let $\dfrac{1}{f(x)}=t=\dfrac{x^2+2x+b}{x^2+bx+1}\implies(t-1)x^2+(tb-2)x+(t-b)=0$
Again since $x\in \mathbb R$ we must have $D=b^2-4ac\geq 0\implies (b^2-4)y^2+4y+(4-4b)\geq0.......(2)$
Since $(1)$ and $(2)$ both are positive for all $ y\in \text{Range}$ we must have $D\leq0\implies(4^2)-4(b^2-4)(4-4b)\leq0 \implies b^3-b^2-4b+5\leq0$.
After plotting graph of $b^3-b^2-4b+5=0$ in Desmos I got $b^3-b^2-4b+5\leq0$ for $b\leq {-2.08}$ which is wrong because it is given that $b>1$.
How can i get value of $b$ more than $1$?
Following on from what you have done, you have the range of $f$, i.e. $y$, satisfying the inequality $$y^2(4-4b)+4y+b^2-4\geq0$$ and you have the range of $\frac1f$, also $y$, satisfying the inequality $$(b^2-4)y^2+4y +(4-4b)\geq0$$
The solutions of these inequalities must be the same set, for a given value of $b$, since the ranges of $f$ and $\frac1f$ are identical. This is only possible of these two quadratics are identical, so therefore $b$ must satisfy $$b^2-4=4-4b$$
Since $b>1$ this leads to $$b=-2+2\sqrt{3}$$
You will then be able to obtain the common range, if desired, by solving the inequalit(ies) for this value of $b$.