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http://www.polygon.com/2016/3/2/11147874/steam-dynamic-pricing-bundle-discounts-valve
It basically means the value in "Your Price" would change should you already own any of the content in the bundle. http://store.steampowered.com/bundle/349/
It is applied per country, not per the user's library, because if I access the same product outside my account from another country in in/out EU space, it seems that the price is much lower than what is "offered" to me as "your price".
This is another attempt from STEAM policy to "force" you to buy under the price imposed by them based on your country / localisation / IP, not your library history average prices for a certain game category.
Its more likely region price lock masquerading a recommendation based on your library.
Tailored bundles (complete your set) are dynamically set based on items you already own. It has nothing to do with regions or IP.
However, EU now has this on Steam...
https://steamcommunity.com/groups/steamworks/announcements/detail/3644023772635302006
Don't forget that devs/pubs set the prices for their products for every region on Steam, not Valve.