Quite simply it means the hip socket (acetabulum) is too deep. The acetabulum covers the round head of the femur that fits into the socket. Too much coverage causes pinching of the bone against the acetabulum and its cartilage.
Coxa profunda can cause increased stress on the inner (medial) section of the acetabulum. This results in painful motion and eventual degeneration of the hip. Early arthritis is common.
Sometimes surgery is needed to change the direction of force in the hip joint and prevent these problems.