(550 N) x (0.5 m) = 275 joules of work against gravity.
Each time she lets the bar down gently, gravity does
(550 N) x (0.5 m) = 275 joules of work against her muscles.
If the human physical muscular system were 100% efficient, and capable of absorbing work as well as spending it, then the bodybuilder would do exactly zero work in the process of 1-up followed by 1-down.