The most common and most likely answer to this crossword clue is the 7 letter word PUDENDA
I've seen this crossword clue in Financial Times
P
U
D
E
N
D
A
Buddy explains!
The straight part
We know that "Bits" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case bits = pudenda.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PUDENDA mean?
PUDENDA noun- (usually in the plural) An external genital organ in a human; especially a woman’s vulva.
- (in the plural) A person’s genital organ, mons pubis, anus, and buttocks collectively.
- A shameful part of something.