Coveted means "in demand" or "desired." If the most coveted seat on the bus for you is the one right next to the bathroom, then you shouldn’t have any problem getting it because most people don't want it.
Coveted comes from the Latin cupiditas, meaning “passionate desire, eagerness, ambition.” Cupid isn't always involved, though — coveted is another way of saying "sought after." The poet Ella Wheeler Wilcox said, “If you are seeking health, wealth, usefulness, skill in any direction, there is nothing and no one who can hinder your attainment of the coveted boon, if you are willing to work and wait." So get to work for all that coveted health and wealth!