Hyperlink auditing is an HTML standard that can be used to track clicks on website links. When a link with hyperlink auditing is click, information about the link is recorded and sent to a destination decided by the owner of the site.
Honestly, it's not. No personally identifiable information is sent as a part of hyperlink auditing, and the standard is structured to be useful for collecting analytics. All the same, some people do have privacy concerns about being tracked, especially since several major browsers have removed the ability to disable that feature.
The script removes the "ping" attribute from all links on the page, disabling hyperlink auditing.