You will note that this emulates the effect of a DC blocking capacitor, in a record player on clipped vinyl... i.e. no 0Hz being passed. This waveform's clipping slopes exclusively the same way, towards zero. Unless this were a mixture of a triangle, and a square (clipped) wave, of the same frequency, with a phase difference of 90 degrees, Marc W's example isn't what is being shown here.
The reason for this waveform: the producer has utilised a clipped sound, then the mastering engineer has opted to utilise a high pass filter... So the clipped section cannot maintain 0Hz at the noise ceiling, it decays back towards zero.
Though lowering the RMS by approx 2-3dB (you can in fact re-clip after a HPF, without the source suffering much more) this technique does appear to make the material mildly less fatiguing for the listener. As although your brain will still detect the harmonics of hard clipping, your ear drums are perhaps not having their mechanical limits emulated by the sound.
With regards to the images that we've been presented with: firstly, we only have two cycles to make our assumptions from... I believe I'm probably looking at two examples of a clipped snare, immediately after the transient, with a HPF applied, post-clipping.
I encourage anyone to try this out.
Things that dissuade me from this precise assessment: nothing.
Regards to your answer, Marc: if we look at your resultant waveform, you show a squared-off waveform, (with a higher frequency than the triangle) superimposed upon the triangle. It bares very little resemblance to the image we're shown.
The very specific problem with your answer is that we are shown that the clipping occurs only at the crest and trough of both cycles that we see... We do not see what you illustrate (clipped peaks internally, in both directions).
[Another problem: the highs are being notably stuttered by the clipping. This would only really be acceptable around a transient, not in amongst a sustained bass sound... certainly for a 'pop song' anyway, rather than some aggressive dance music. Why would a 'sound professional' decide to clip a transient, with a large LF component displacement, then mix a triangle of the same frequency with it? I am baffled, this is surely how you illustrate incompetent mixing practices?!]
So... I tried my 'best' to give your explanation some credence: the two sources would have to be of the SAME frequency, and the clipped waveform would HAVE TO BE advanced by 90 degrees.
Problematically, we don't see a sharp enough drop in the centre of both images, in order for my modification of your assessment to work... but the wavefront appears to behave in the correct manner, as it approaches the first crest, in both images.
So, I could continue to mull over your suggestion Marc, and say: this could be a heavily clipped, extremely noisy sawtooth, added 90 degrees out of phase to a triangle.
There we go... Considerably more convoluted than my answer and very likely to be incorrect. Wouldn't you agree, Marc?
So. Finally, here is my full answer: The producer likely used a snare or kick sample, that was already clipped (or, because the two example images are slightly different, perhaps he/she utilised a hard clipper on their drum buss).
The mastering engineer applied a HPF, and limited/re-clipped... Hence, the tiny amount of 'regular clipping' illustrated.