That's correct, right now projects in Bitbucket help to organise your repositories into projects. With the raise of microservices, it's quite common that a project or product is made up of many repositories.

In the future you will see us adding more capabilities to projects, such as permission management [1] or settings on a project level, which already exist in Bitbucket Server.

[1]https://confluence.atlassian.com/display/BitbucketServer/Usi...