A reanimated collab is a video produced from multiple animators only using the audio and plot of an original video.
The result typically consists of several different styles of animation depending on the medium. The individual sections by each animator can be as close or as far away from the original video as possible, so long as the original plot isn't lost in the process. The radically altering styles tend to be a major attraction for viewers.
Production details are unknown, but it's likely very complicated to organize while being simple to edit and animate, considering that everyone could work on one individual part at the same time.
This type of animation has had a rise in prominence early in 2019 due to a reanimation collab of the popular Spongebob Squarepants episode "Band Geeks' in response to NFL not playing Sweet Victory at the Super Bowl, pretty much codifying the genre. However, it has been around before the video was made, and was popular among the TF2 community due to SFM animation collabs.
YouTube commenter GermanPeter in response to the Meet the Medic: Reanimated Collab-
"Simultaneously the worst and best thing I've ever witnessed. It was like a fever dream."