What is this effect called, and how to use it?

you might check out fxfactory

https://fxfactory.com/products/premierepro/

they might have something that works with premiere.  

I wouldn't call that an effect actually ... that's the sort of "effect" that is built in something like AfterEffects using a number of effects and steps, all animated in/out. You would use one or more tools in Ae to create the general shapes for each one of the streaks ... add more layers of them, each one a layer ... and then animate motion and probably scaling shifts for all of them linked together over time.

Takes a bit or work and some experience.

You might be able to search the web for an AfterEffects effects pack that includes something that does this, as some things are already "built" by others and available for sale of course. Obviously Red Giant and Boris/Sapphire would be places to look. You might find something even demonstrated on YouTube.

Neil

I've no clue what effect you're talking about ...