WordPress at a glance
action is not described

woocommerce_product_set_visibility action-hook . WC 1.0

Usage

add_action( 'woocommerce_product_set_visibility', 'action_function_name_7203', 10, 2 );
function action_function_name_7203( $product_id, $product_catalog_visibility ){
	// action...
}
$product_id
-
$product_catalog_visibility
-

Where the hook is called

WC_Product_Data_Store_CPT::update_visibility()
woocommerce_product_set_visibility
woocommerce/includes/data-stores/class-wc-product-data-store-cpt.php 759
do_action( 'woocommerce_product_set_visibility', $product->get_id(), $product->get_catalog_visibility() );

Where in WP core the hook is used WooCommerce

woocommerce/includes/class-wc-post-data.php 35
add_action( 'woocommerce_product_set_visibility', array( __CLASS__, 'delete_product_query_transients' ) );