What the bit number means
The line under the password is an entropy estimate. It counts how many yes-or-no guesses a stranger would need to land on this exact value, if they already know the length and which characters were allowed. It does not time a particular computer. For a random password the sum is length times log2 of the pool size. A pool of about 78 characters is about 6.3 bits per character, so 16 characters is about 16 times 6.3, which rounds to 101 bits. That is 2 to the power of 101 possible passwords of that shape, not 101 tries. For a passphrase the sum is the word count times log2 of the word-list size. The separator is fixed, so it adds nothing. Dropping look-alike characters shrinks the pool and lowers the number. Rejecting runs such as abc lowers it a little more; the figure on screen does not subtract that, so read it as a ceiling. Under 50 bits is short. From 50 to 69 is workable. 70 or more is strong. A colour bar on many other generators hides this arithmetic.