Because there's no API or documented protocol to use the interface, GPIB is not like a basic UART with just a stream of bits, but has all kinds of out-of-band commands like listen, address and SRQ (interrupt). The Prologix device converts it to a standard serial interface with ASCII commands, or a more advanced interface using included libraries. This device is only supported by the included software, and no documentation is provided how to program it (either API or how to write a driver). It might be possible to reverse-engineer it, but I'm not sure if it even provides a full GPIB implementation or just the bare minimum required for these instruments. I've heard various reports of people that bought it and consider the money wasted, and bought something else instead.
Note that an issue with the Prologix devices is that they're not compatible with standard interfaces like NI-488.2, so you won't be able to use any software written for 'real' GPIB interfaces like those by NI and Agilent. I think there's a compatibility layer for the USB version, but it looked stale and abandoned last time I checked. It's is properly documented to write your own software, and some hobbyist software supports it.
Re Arduino: one issue is that GPIB is a fairly fast bus (1.8MB/s, and I think the high-speed version is faster), not sure if the Arduino was designed for that.