The actual engineering name is turbocharger compressor surge. The centrifugal compressor impeller on a turbocharger is a dynamic, not a positive displacement compressor. This means that it compresses air by accelerating the incoming air to a high velocity, then converting velocity energy to pressure energy. In simple terms, the only thing keeping the air from flowing backwards from the turbo compressor discharge (a high pressure area) to the turbo compressor inlet (a low pressure area) is that the turbo impeller is "stacking" more air into the discharge at that particular moment.
Ignoring the wastegate for the moment, at full throttle the engine is pumping hot exhaust gas into the exhaust manifold. The turbine section of the turbocharger converts the energy in this high pressure, hot exhaust gas into shaft horsepower which is used to drive the turbocharger's compressor impeller. The turbocharger will theoretically continue to accelerate until the drive horsepower equals the horsepower consumed by the compressor, less frictional losses.
When you suddenly let off the accelerator, the injection pump stops injecting fuel into the engine's cylinders. The exhaust temperature and pressure, relatively speaking, drop like a rock. This deprives the turbocharger's turbine section of drive horsepower. The turbocharger compressor, meanwhile, doesn't know anything has happened and is still compressing air like mad (its horsepower consumption hasn't dropped). Since the drive horsepower has dropped, the turbocharger rotor will decelerate. This deceleration decreases the "head" (discharge pressure minus inlet pressure) produced by the impeller. Since the head produced by the impeller is less than the actual compressor discharge pressure minus the compressor inlet pressure, the high pressure air in the intake system will flow from the discharge to the inlet side of the turbocharger compressor (reverse flow) until the pressure differential across the impeller is less than the impeller's head capacity. At that point, the impeller starts compressing air again.
We still have no drive horsepower with the throttle closed, however. This means the turbocharger rotor is still decelerating and the compressor impeller head continues to drop. Therefore, soon after the impeller begins compressing air again, the head will drop and airflow will reverse once again. This reversal of airflow is the "whoomp" or "bark" that you hear.
Each time the compressor airflow reverses, it unloads the compressor impeller blades and shaft. When the impeller starts compressing again, it loads the compressor impeller blades and shaft. The turbo will continue this surging as it walks its way down the surge line on its performance map as it decelerates.
This unloading and loading can, over time, produce cyclic fatigue failures in either the impeller blades or shaft - whichever is the weak link in the turbocharger's design.
Please note - at no time does the turbocharger rotor reverse its rotation. There's too much rotational inertia in the system for that to happen.
Rusty