I assume the word "PG" refers to a rating because the phrase "F-bomb" was previously mentioned. But why would he say "Keep it PG" in this context? Does it have other meaning, perhaps?

Native speaker’s answer
Rebecca
Yes! That's right. It does refer to a rating. If you say "keep it PG" It's like saying keep the content, activities, or conversation appropriate for children. Ex: Go play truth or dare. But keep it PG, please. Ex: I told you already. No swearing in this house! Keep it PG, Paige.