An intermediate representation of an LLVM-compiled program, which can be used by Apple to optimize binaries submitted to their App Store(s) without requiring involvement from the original developer.
Coming to general attention during WWDC 2015, Bitcode is according to Apple's docs:
an intermediate representation of a compiled program. Apps you upload to iTunes Connect that contain bitcode will be compiled and linked on the App Store. Including bitcode will allow Apple to re-optimize your app binary in the future without the need to submit a new version of your app to the store.
Likely a direct usage of LLVM's Bitcode file format, or perhaps the name is being repurposed to market a higher-level system involving the same.