It's the fierce flames heating up the iron. The layer of limescale insulates the iron from the water to some extent, so it gets hotter than you would wish. the water on the scale boils and forms steam bubbles, then it hits the cold water and collapses, the bang is the steam bubble collapsing, I suppose like a balloon bursting. When the boiler is up to temp, the water is hot, and the flames will be cut off, so you stop getting the boil-and-collapse.
This noise is also called kettling, if you look inside an old kettle as it is coming to the boil you may hear it makes a noise (or "sings"), whereas a clean new one, or a bright saucepan, boils silently.