Analogue and opto-diodes are not my thing, but looking at the basic principle of operation, which seems to be pull the supply voltage down when light is detected, it seems to me that pulling the supply down may cause the opto-diode to no longer detect light when it is present, that would therefore present a pulse or pulsing pull on the power supply.What the signal is at 'X' seems to be the current unknown, and that is essential for testing. I expect it's at some voltage when the LED is disconnected, dropping to some other voltage but not reaching 0V when the LED is connected and lit.
I am guessing the capacitor and the bottom right of the circuit affects that behaviour in some way but I don't know how., and don't have the skills to figure it out. Hence my approach of looking at what it does present, not worrying over how it works. But the circuitry may have more importance. It may be that someone should analyse how it actually works.