A bearing pivot uses caged or loose ball bearings between the blade and the handle instead of flat washers. It reduces friction dramatically, which is what makes a flipper snap open with very little effort.
Rolling friction is far lower than sliding friction, so a bearing pivot lets the blade accelerate quickly once the detent releases. That is the drop-shut, fast-flipping action people associate with modern folders.
Bearings are usually held in a thin cage that keeps them evenly spaced, though some designs run loose balls in a race.
Bearings have less contact area than washers, so grit and lateral loads affect them more. Dust and pocket lint find their way into the race and the smooth action degrades faster than it would on bronze washers.
They are also less forgiving of hard sideways loads, which is why plenty of deliberately hard-use knives still ship with washers.
The term is not academic here. 8 of the products currently on our shelves describe this feature in their own manufacturer specifications, across Gerber and Kershaw. Examples in stock right now include Gerber US Assist Button Lock A/O, Gerber Plunge Lock A/O, Gerber US Assist A/O.
Everything below is pulled live from the catalog, so what you see is what is actually in the Woodlawn warehouse today.