Just like it sounds, hierarchy is about establishing a visual order to the elements of your design. In other words, it's about guiding your reader through the different parts of your design so they view it in exactly the way you want them to. On a well-designed PowerPoint slide like this one from McKinsey, you can see this really clearly. The title provides the primary idea, which is why it's not only the largest text on the slide but it's also bold and usually has a line underneath.
Then the next most eye-catching elements are those icons and bolded subtitles, and the blocks of text come last. But even those have bolded keywords to add another layer of hierarchy. Here's another slightly less obvious example from Accenture. The chart takes up most of the space on the slide and might usually be the first place someone looks, so to counteract that, the title is big and really bold, which helps it attract attention.
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