The verb that is translated as bestow
can literally mean to put around
or to clothe.
This suggests that the way in which a body part is honoured is through clothing. One might think of the feet, for example, which do not seem to possess much beauty and yet are carefully clothed with shoes.
The second part of the verse obviously refers to the genital organs. There is a play on words in this verse: the body parts that are unpresentable
(aschemona) are treated with modesty
(euschemona). In English one might say, Our unrespectable parts are treated with greater respect.
23 and on those parts of the body that we think less honorable we bestow the greater honor, and our unpresentable parts are treated with greater modesty,