We always called it "accordioning" in a race pack or pace lines. Must've been bigger ones with more keys.

But it is a serious safety concern. It can easily result in wheel overlap or wheel touching, which then results in multi-bike pileups and sometimes-serious injuries. To the people, too, not just the bicycles. In the groups I raced / rode with, squirrelly riders were told politely but firmly to improve their line and smoothness (typically with offers to coach the offending rider), move to the far back behind the rotation, or depart the pack/paceline.

As for me, I'm typically pedaling all the time at about 80-85 rpm with generally light pedal effort. I can typically keep up light effort and constant movement all day, as compared to heavy intermittent effort and coasting.