The 90s console wars were all about bits, even though no one knew what it meant other than "more bits = better". It was really Sega that started the bit-wars, releasing the Genesis while Nintendo was still selling the NES. They were very successful with getting kids to compare how powerful their console was to Nintendo's by slapping a giant "16-BIT" front-and-center on the top of the console and mentioning it in all the advertising. And that kinda stuck around for years.

Most of those kids didn't know what 64-bit meant, but they knew it must be better than their old 16-bit piece of junk. That's 4x the amount of bits, therefore the console was 4x better!