No, I never heard that term before. But yes, I know of such a practice. Some companies go further into that direction, especially due to pandemic the recent two years while others remain more traditional or have not yet decided.
And it does not need to be a universal practice neither. There may be a mix. When I worked in a hotel as night auditor, we had some kind of hot desking. I had all workplaces for myself during my night shift. At the beginning and the end of each night shift, I had to share workplaces. And I had to provide resources for the teams starting at the next morning. Whoever came first of such teams was picking up what I prepared for these teams. No booking was required. And several teams don't have office desks at all or just in a corner.
In IT, I always got a desk. At one corporation, I had to move desks every few months due to growth of project team. I was a temp there and had to make place when new staff needed training and cooperation for on-boarding. At another corporation, I also got a desk but had to move desks once during on-boarding which was expected to last about 24-36 months but was aborted after 18 months. But beside my desk, I had to use the test lab. At the test lab, we had no assigned workplaces but every team member was going there as needed. Parts of our tasks could be done remotely from our office workplace while others needed our presence at the test lab. And after the last change of (office) desk, we got two separate server rooms, in addition to our test lab while before all was in a single test lab room. This separation was better for our health. And the new HVAC for the server rooms was better engineered as well. And despite growing team size, we did not need a formal tool to coordinate workplaces at test lab. At weekly team meeting, we got updates when specific re-engineering would impact other workplaces at the test lab for how long. And such re-engineering happened usually only every few months.