Bokeh is subjective, and all cameras can create bokeh. One pre-requisite to pleasing bokeh is to have sufficiently out of focus areas. Most details that are only a bit out of focus don't look too pleasing.
Something is more out of focus the further away it is from the plane of focus. In addition, the the shallower the depth of field, the quicker things become out of focus when moving away. Depth of field depends on several things: f-number, distance to subject, focal length, and the circle of confusion (determines what can be perceived as in focus or out of focus).
The f-number is a property of the lens, essentially how large the iris or opening is. The rest are functions of the sensor size. Basically, when compared to a larger sensor, a smaller sensor will need to be closer to the object or have a longer focal length for the object to be the same size in the picture. Note that increasing the focal length can allow you to stand further away for the same object framing, which will compress the perspective. Less of the background will be shown, limited more to what is directly behind the object and usually further away. The small sensor is only taking a small part of what a larger sensor would take (see thisthis).
So while the lens matters, the sensor size matters more. Once you have a larger sensor, then getting good bokehgood bokeh depends on the lens but also composition: selecting the a good background and ensuring that it is a the right distance away.
That said, even with a P&S, you can get reasonable bokeh with composition, IMHO. Of course, if you want to be able to have better bokeh in more situations, you'll need a larger sensor for what is called increased DoF control, or do an extreme version of this. Here are two I've taken with P&S:
Some older Canon:
Fuji E900:
I had a short subject distance and ensured the background was both far away and not too busy looking.
