Bondage is the state of being bound, like a slave. If you're in handcuffs, you're in bondage.
The word bondage has meant "condition of a serf or slave" since the 1300s, the same time the word bond came along to mean "anything that binds." Bondage originated around the time Dante was writing "The Inferno," in which Satan flaps his wings to try and break free of bondage, as he's stuck in ice up to his chest. Most people would like to be free of any kind of bondage, which is why the X-Ray Specs (a punk band from the '70s) yell, "Oh bondage, up yours!"