During over current protection, the IC may switch during the initial onset with valley current detection. As the load current is greater than the current limit, the output voltage will start to fall. When it goes below 68% of the regulated output, UVP will activate and the device will enter hiccop mode protection. It will attempt to restart repeatedly until the fault is removed. If you apply a short circuit to the output, the device will enter this hiccup mode immediately.
It is possible that the high side switch may be shorted due to EOS. But this is a possibitity with any converter, not just TPS542941.