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One might ask, wait, isn't that confusing because both bits and bytes start with a b? Yes. YES IT IS. To distinguish, the world generally does MB/s to indicate MegaBytes per second, and Mbps to indicate MegaBits per second. Isn't that fun.
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Back when I started in the business, the computer industry didn't universally agree that 8 bits was a byte, much less that a word was a multiple of the character size. (And on the first computer I used, the bit rate was "how fast can you carry punch cards to the printer with the 48-letter charset.")
It really goes back to Shannon. en.wikipedia.org/wiki/Claude_...
en.wikipedia.orgClaude Shannon - Wikipedia