It’s called the hokey pokey in the US… the dance name may have originated in the 1940s (when it was a popular music hall song and novelty dance) – it perhaps comes from hocus pocus
Hocus pocus, the magic formula used by conjurers to help distract their audience and also once used by jugglers, is another interesting word – apparently in use as far back as the 1630s, and possibly the stage name of a well known magician of the era
It could come from sham-Latin (‘dog’ Latin), a parody of the sacramental blessing from the Mass, ‘Hoc est corpus meum‘, ‘This is my body’, in which bread and wine offered in the sacrifice of the sacrament of the Eucharist become the body and blood of Christ
Or it could be from Norse folklore, in which there was a magician and demon of the north called Ochus Bochus (cool!)
Or may be it is just a nonsense word that sounds like Latin which was made up to impress people…
Sources:
https://en.wikipedia.org/wiki/Hokey_cokey
https://www.lexico.com/en/definition/hokey-cokey
https://www.etymonline.com/search?q=hocus-pocus
https://en.wikipedia.org/wiki/Hocus_pocus_(magic)
https://en.wikipedia.org/wiki/Transubstantiation