Yes, that is a form of "cat calling" in addition to shouting out things like; "Can I go?" or some other flirtatious pickup line to a strange woman who is walking or driving by to get a reaction from her.
In part these guys are entertaining each other or making one another laugh. Rarely do they run up to the woman and actually try to start a conversation. They also really don't expect the woman to show interest in them. The men are just goofing around.