It's a very old radio term
In a switch-mode power supply what 'should' happen is the pulse width should change to regulate the output, and the frequency should be well above audible range.
But what sometimes happens is instead of the pulse width varying properly, the PSU shuts down totally, then restarts, then shuts down again - and repeats over and over. This can be caused by too little load on the power supply, and it's doing it's best to maintain the required output voltage. Because it's pulsing ON and OFF it's at a much lower frequency, hence it's audible.
This is known as 'squegging'.
Some power supplies are designed to work in that way - in fact the MicroChip PicKit2 (and possible the 3 & 4?) do exactly that to generate VPP. The PWM generates constant width pulses, and the output voltage is monitored by an interrupt driven ADC routine - if it's above a certain voltage then the PWM is shut down, and if it's below a certain voltage then the PWM is turned back on.