Basically, CPU bit width is a measure of how big the numbers it can handle at a time can be. Not just for math, but also RAM addresses, which they use to find data. Bits were important for early computers, where RAM increased very rapidly. However, as you might expect, there are some diminishing returns. Considering bit width as a measure of how much RAM the CPU can handle, 64 bit (what the majority of computers are on) can handle a very, very large amount of RAM, in the Petabyte range or beyond.
Tl:Dr it just became irrelevant as tech advanced.
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