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It's a childish invective used by some to refer to the internal lock that S&W began incorporating into their revolvers in 2001. This was shortly after Tomkins PLC entered into the notorious "Agreement of 2000" with the Clinton Administration and the internal lock requires a small hole in the left side of the frame, hence "Hillary Hole".
People are still beating the dead horse called Bill Ruger for his minor role in an equally dead AWB.
Smith's betrayal of the 2A lives on to this day. There is no reason for the Clinton era lock to be on those revolvers as S&W sells some snubbies using the lack of a lock as an attractive feature.
To me, that looks as if Smith likes the lock marring their wares.
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I'm not going to be drawn into another lock debate as I've already circled that tree more times than I care to remember. Instead, I will simply reiterate my point that one's opinion carries much more weight with me when said person refrains from sophomoric name-calling like "Hillary Hole" or "Smith & Clinton".