The Mechanism, in One Paragraph
Subfloor is fastened down onto joists. For most of the last century that fastening was nails, and a nail holds a panel down without ever drawing it tight against a joist that sits slightly proud or slightly low. That leaves a small gap from the day the house was built. Then wood does what wood does: it takes on moisture through a humid summer and gives it up once the furnace runs, shrinking a little each heating season. Over decades that cycle works the fastener until the panel can flex into and out of that gap under your weight, rubbing against the smooth shank of the nail. The rubbing is the noise. Which is why fixing the flooring on top almost never holds, and why closing the gap at the joist does.