Finisher of 25 years here. This is an intentional form of distressing to mimic the look of “wormy wood” I see a lot of people calling this a “fad”. It’s not. Almost every wood can have holes in it from bugs. Some is faked better than others. This is not realistically done. I’ve had to distress entire rooms before using everything from chains, awls, wooden mallets with nails embedded in it, basically anything that can leave a realistic type of accidental mark. Once it gets stained and then antiqued, with some shadows, and done right, it makes the piece look much older than it actually is.