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There is no structural consequence to its occurence, but banging bolts can certainly be unnerving to building occupants.
The bolts in most bolted connections move into contact with the sides of the bolt holes long before anyone occupies a building and is there to hear it. However, when this movement occurs during building occupancy, it can sometimes be accompanied by loud, sharp noises not unlike rifle shots. While there is no structural significance or safety concern associated with the occurrence of banging bolts, building occupants can obviously become quite startled. The articles here (113K PDF) and here (91K PDF) in the November 1999 issue of AISC's Modern Steel Construction magazine address this issue in detail.