I'm pretty sure it's actually just a continuous under extrusion. It becomes periodic in nature because material gathers under the nozzle and then it hits the blob from the previous layer and gets pulled off. It's a similar effect to how droplets form and fall off of your faucet when the flow rate is low. This also leads to the diagonal angles seen as the Z-height goes up.

It's usually hard to get this to happen consistently, which they've done quite well.

I've got no citations, but I worked in FDM Additive Manufacturing for a few years, and spent 4 months of that designing extruders for a name brand company.