Yes... when they get taller on the backswing. If you circle the guy's head, and at the TOP he is above the circle some. I realize that some joint is straightening to cause this in people, and may be different for different people(hip, knee, spine,etc.).
Some people seem to have a hard time with this, even after they know they are doing it.
Bobbing is a swing flaw that I fight. For me, it's from 1) overswinging and bringing me out of my posture 2) taking the clubhead too far underplane on the backswing, needing a quick upward shift, pulling me out of my posture. Using extensor action and tracing the plane line on the backswing have help me. That and not getting too quick.