A bunch of upper- and lowercase letters followed by space and that exact bunch second time. For example: UserName UserName or jnDJkjLKSdcSJ jnDJkjLKSdcSJ.
The difference is that g1 doesn't match the repetition of this bunch, because there is no \1 in it.
Clarified:
/\b([a-zA-Z]+) \b/gi
/       start regexp
\b      match a word boundary
(…)     create a capturing group
[…]     create a class of characters to match one of them
a-z     match any character between "a" and "z" ("a", "b", "c", "d", "e" …)
A-Z     match any character between "A" and "Z" ("A", "B", "C", "D", "E" …)
+       match one or more of a preceding token (see above)
        match space sign (exactly)
\1      match first capturing group
\b      match a word boundary
/gi     finish regexp and set flags "global" and "case-insensitive"
\b([a-zA-Z]+) \b

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