Anything bare bones has only the most basic elements or parts. The bare bones of a story is just the plot, or an outline without the details.
A skeleton is a literal example of something bare bones. With no muscles, organs, or skin, a skeleton is only the frame of an animal. When something else is called bare bones, it means it's been stripped to only the most essential facts or parts. A bare bones rock band would have guitar, bass, drums, and no more. The bare bones roster of a basketball team would have only five players and no substitutes. Bare bones = no frills.