Hi,
First, I would highly suggest that you not do this with the prop on. It is so dangerous and, even when you think "I've got this" something can distract you and life is altered INSTANTLY.
Ok. soap box back in closet... ....temporarily.
I honestly don't know what's up there but will venture a guess.
If you are doing this with the prop on, it could be pushing enough air that it's bouncing off of a badly worn thrust washer. The air being much less dense than water might allow that to happen. Not sure...just a theory.
If there's something causing the prop to be unbalanced....like a hub bushing starting to fail, or a slightly bent/worn blade that might cause something like this too.
Since fishing line wrap on the propshaft is the #1.killer of the seal AND a worn thrust washer should always be replaced to prevent housing damage, I suggest that you remove the prop and carefully inspect it and the washer. ANY scoring of the thrust washer indicates replacement is necessary..
Even if you don't SEE any issues with the hub bushing, match mark the inner and outer portions before running in water so that you will be able to detect any movement there.
While bent or nicked blades can be repaired and the prop re-balanced, it's often easier and cheaper to just replace unless you know of a shop that still does that work anymore.
Run it while the prop is off to see if the condition has changed or not.
Good luck