It means for any given application, such as a particular game, the performance may be limited in large part to one factor. That factor may be GPU or CPU or something else, depending on how the app uses it.
GPUs and CPUs are better suited for different tasks, and many apps/most games have a range of tasks suitable for one or the other.
Example: if a game is not super graphics heavy but has to compute lots of combinations of possibilities the CPU might be the bottleneck. If a game has lot of visual details/effects and 3D rendering, GPU is more likely to be bottleneck.
It can also be something else in rare instances, like memory bandwidth or disk speed. If you have to load a lot of different textures throughout the game, that becomes bottlenecking.
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