It's not so much the pressure as its effects on the suit.
My trilam drysuit doesn't fit me like a tent, but it's not form-fitting, either. When you descend without adding air, it can wrinkle up like a raisin, and if you keep going (and don't have good stuff under), it can pinch the living daylights out of you.
What I think happens is that first it wrinkles up, raisin style, taking up the slack into the raisin wrinkle ridges, and then as you continue to descend, the air at the base of the ridges continues to compress, pulling the fabric even more taut. Eventually, so much suit is taken up in the ridges (which have now become pterodactyl-sized wings sticking out at random), that you're basically held in a constrictor grip.
(I've felt exactly what he described. I inflated and continued the dive, but I was somewhat constricted the whole time. I couldn't add enough air to be able to readjust the suit, as I would've Polarised.)