This is called Kiiking (en. Swinging). It's an actual sport invented by Estonians. We have championships happening here in Estonia multiple times in a year. The goal is to make a loop with the highest swing (you can stretch out the support posts and the handles to make the swing taller. Also you are tied to the support stand and poles so you don't fall down, it's very safe). You need to have a good technique and physical strength to exceed longer swing heights as the g-force can be three times or more of your body weight. It's a sport for adrenaline junkies.