This tells you how special your snowflakes are. When a column is called “highly selective” that usually means values aren’t repeating all that often, if at all. Think about order numbers, identity or sequence values, GUIDs, etc.
This is sort of the anti-matter to selectivity. Highly dense columns aren’t very unique. They’ll return a lot of rows for a given value. Think about Zip Codes, Gender, Marital Status, etc. If you were to select all the people in 10002, a densely (there’s that word again) populated zip code in Chinatown, you’d probably wait a while, kill the query, and add another filter.
Combine that with Kendra Little’s statistics FAQ for additional learning.