This is a dark pattern akin to booking.com, to create time pressure for you, not provide actual value.

If the latter were true, then sometimes it should say "You are the only one looking at this hotel. Take your time!"

But no. Travelling to the most obscure places across Asia I have NEVER seen anything but hordes people looking at my hotel in Kampong Cham. Probably different dates too.

I am willing to bet it is derived from /dev/urandom adjusted to the size of the establishment.