yup, unburnt fuel igniting in the pipe. Kind of normal on a bike with carbs if the anti-pop measures have been defeated and the tuning has been adjusted, or aftermarket pipe fitted etc.
I would have expected a FI'd bike would not inject fuel when coasting... but it may not be set-up like that so just injects the normal amount of fuel required to idle when the twist grip is released, in which case the potential exists for decel-pop.