What is the “meta” key in WP_Term Object?

Looking at the source, that meta property isn’t a standard property in the WP_Term object.

However, a plugin/theme can add custom properties to the object using the get_term or get_{taxonomy} filter:

add_filter( 'get_term', function( $term ){
    $term->meta = get_term_meta( $term->term_id ); // all metadata
    return $term;
} );