The summary is that it's a cache attached to the memory controllers, rather than the CPUs, so it doesn't have to worry about cache coherency so much. This could be useful for shared memory parallelism.
The main advantage of a memory attached cache is that it's cheaper than a regular cache, and can even be put on a seperate die, allowing you to have much more of it.
AMDs previous memory fabric from the early 2000s was called "Hyper Transport", which has a confusing overlap with Intel's Hyper Threading, but I think AMD actually bet intel to the name by a few years.
I think AMD might be ditching it for the next gen in exchange for growing the L2's, because the lower latency is beneficial to ray tracing.
[0]: https://substackcdn.com/image/fetch/$s_!LHJo!,f_auto,q_auto:...
Also, Ross Technology beat them both to "hyper" names with the hyperSPARC CPU.