Let $\mathcal{H}$ be a Hilbert space and let $M$ be an operator on $\mathcal{H}$. Write $\{M\}'$ for the commutant of $M$ and $\{M\}''$ for the bicommutant of $M$. As observed by MarianoSuárez-Álvarez in the comments, an operator $B$ is in the bicommutant of $M$ if and only if every reducing subspace of $M$ is also a reducing subspace of $B$. Intuitively, $B$ has a 'simpler' structure than $M$, since it has more reducing subspaces. In fact, if $M$ is normal, then the von Neumann algebra generated by $M$ (and therefore also the bicommutant of $M$) is given by $\{f(M) \, \vert \, f\in L^\infty(\sigma(M))\}$, i.e. the bicommutant consists of all functions of $M$. In probability theory, the analogous result is that a random variable $Y$ is measurable with respect to the $\sigma$-algebra generated by another random variable $X$ if and only if there is a measurable function $f$ such that $Y=f(X)$.
I think the situation is most clear when one considers simply a normal matrix $M$ in $\mathcal{H}=\mathbb{C}^n$. In that case, we have the
Spectral Theorem: Let $M$ be a normal operator in $\mathcal{H}=\mathbb{C}^n$. Then $\mathcal H$ has an orthogonal decomposition $\mathcal{H}=\mathcal{H}_1\oplus\ldots\oplus\mathcal{H}_N$ such that $M=\mathrm{diag}(\lambda_1 I_1,\ldots,\lambda_N I_N)$, where, for $1\leqslant j \leqslant N$, $I_j$ denotes the identity in $\mathcal{H}_j$ and $\lambda_1,\ldots,\lambda_N$ denote the distinct eigenvalues of $M$.
It is therefore straightforward to compute both the commutant and the bicommutant.
Proposition: We have $C\in \{M\}'$ if and only if $C=\mathrm{diag}(C_1,\ldots,C_N)$, where, for $1\leqslant j \leqslant N$, $C_j$ is a linear operator in $\mathcal{H}_j$.
Proof: If $CM=MC$, then we have, for all $j,k\in\{1,\ldots,N\}$,
$$
\lambda_k C_{jk} = \lambda_j C_{jk}.
$$
It follows that $C_{jk}=0$ unless $j=k$.
Proposition: We have $B\in \{M\}''$ if and only if $B=\mathrm{diag}(\mu_1 I_1,\ldots, \mu_N I_N)$, where, for $1\leqslant j \leqslant N$, $\mu_j\in\mathbb{C}$.
Proof: Since $M\in \{M\}'$, we have $B\in\{M\}'$ and therefore $B=\mathrm{diag}(B_1,\ldots,B_N)$. Furthermore, if $BC=CB$ for $C\in\{M\}'$, then we have, for all $1\leqslant j \leqslant N$,
$$
B_{j}C_{j} = C_j B_{j}.
$$
But if $B_j$ commutes with every linear operator $C_j$ in $\mathcal{H}_j$, then $B_j=\mu_j I_j$ for some $\mu_j\in\mathbb{C}$, see the question A linear operator commuting with all such operators is a scalar multiple of the identity..
Corollary: $B\in\{M\}''$ if and only if there is a polynomial $p$ such that $B=p(M)$.
Proof: Let $p$ be the Lagrange polynomial such that $p(\lambda_j)=\mu_j$.