geofelt :
There is no such thing as "bottlenecking"
If, by that, you mean that upgrading a cpu or graphics card can
somehow lower your performance or FPS.
A better term might be limiting factor.
That is where adding more cpu or gpu becomes increasingly
less effective.
A bottleneck is indeed as you describe it, a limiting factor.
A Geforce 1080 Ti won't give the fps you want if your cpu is an i7-860 (the limiting factor / bottleneck).
Reversed, an i7-7700k won't give you the fps you want if paired with a Geforce 660 (the limiting factor / bottleneck).
Upgrading the i7-860 or the Geforce 660 in either case would drastically improve the fps of most any game.
This upgrade would, in fact ,be an extremely effective upgrade, although upgrading the i7-860 would require a new motherboard and ram, still a highly noticeable upgrade.
But as you nearly mentioned, once you are at a modern chip like an i5-7600 or Geforce 1060 you can no longer attain cheap multi-digit fps gains by replacing a single component due to the bottleneck not being a single component anymore and instead spread to multiple components of the computer.
At this point if you still want higher fps you need to "do research" and figure out which part is holding you back the most, be it cpu (Upgrade to an i7-7700k), gpu (Upgrade to a Geforce 1080 Ti), not enough system ram (Upgrade to 16 gigabytes although 12 gigabytes is perfectly fine for most situations).
It sounds simple in theory but the price of the components goes up really fast when you get to that last paragraph.