The first axis is the twist axis, which behaves differently from a bend axis. Usually it will be the axis that points along the bone.
The second and third axes are the bends - because the third axis is rotated by the second, which can lead to its not being able to achieve the desired result, it’s best to have the bend that is most likely to hit a right angle, or to get closest, last. That way you are least likely to get gimbal lock, where two axes end up on top of each other and so you can’t make any rotations in the third dimension.