Originally, 'well bred' implied noble lineage, but now it's more about behavior than birth. He may be from a simple background, but his well-bred manners are apparent.
Pro Tip 2/3
Not Just Polite
'Well bred' suggests someone is not only polite but also knowledgeable about social etiquette. She thanked the hosts gracefully, her well-bred upbringing shining through.
Pro Tip 3/3
Compliment or Critique
Can be used positively or sarcastically to critique someone's seemingly insincere politeness. They called him a well-bred charlatan, doubting his sincerity.