What seems to happen with this is there’s a momentary dip on the frame rate counter of 2-3fps below 60fps which then catches back up, pushing the reported frame rate momentarily above 60fps by 2-3fps until it settles back. This happens even when the GPU is well within its comfort zone and there’s no CPU bottleneck, so there’s no reason for the frame rate to change from a solid 60fps. It happens on both low end and high end hardware. The dip causes a stutter as frames are repeated on the display, then the ‘catching up’ as the frame rate spikes over 60fps coincides what you see on screen as the zooming back and forth. The best solution is therefore to cap the frame rate at 61fps, which allows vsync to work as intended most of the time but stops the spikes above 60fps being too large and invoking the annoying zooming effect.
So whatever causes this problem seems to be tied to vsync in some way. This damages the experience for users with TVs; you get both stutter and this zooming effect even at times when the components are perfectly capable of maintaining 60fps. It’s as though the game uses the 60Hz tick of the display as a point of reference in some way and if that goes out, the game reacts with this behaviour.