A few possibilities come to mind.
1 An unusually high concentration of air dissolved in the water, creating noise as the Heat releases the air in the form of bubbles.
2 The heating element is developing a defect that causes a hotspot which causes water to boil on the surface of the element. The collapsing steam bubbles make the noise.
3 Mineral deposits on the heating element are creating hotspots that result in Steam bubbles which makes the noise as they collapse. You could remove the heating element and clean it but my inclination would be to order a replacement heating element and just wait and see what happens.
The hot water discharge pipe is generally mounted high on the hot water tank. That would vent a large amount of air trapped in the tank, and keep the heating element submerged fully.
Has the temperature of the hot water increased recently? An increase in the thermostat setting could result in boiling sounds.