We purchased the extended license for this plugin. The update option is for users who have purchased this plugin individually.
Since the WPBakery Page Builder plugin (and Slider Revolution plugin) does not allow updating via updating the theme, so please follow these steps below to update it:
Step 1 – Go to Dashboard > Appearance > Install Plugins. Select the Update Available
Step 2 – Check and select all the plugins you want to update and click on Update from the dropdown box and then click the button to Apply.