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In simple terms a supply can be a current source or a voltage source. The power supply might show characteristics of either/or given that those are not simple devices. If its design says that at a given moment it needs to provide X amps of current to maintain or reach Y voltage, it will provide that current. If for some reason it does not know the voltage has been approached or reached, it will continue to provide that current unabated until it voltage limits. Until it knows that the required voltage has been reached it could source current that could drive the voltage above the specified max voltage of the circuit capacitors and BANG goes the capacitor exploding and outsourcing a gas that smells just like electronics burning. ...
With you right up to the point where your voltage-regulated PS starts putting out too much voltage. That's not voltage regulation, that's crap regulation, AKA broken/badly designed PS. Not that you can't come up with an inductive/weirdass load that can spike the output of a power supply -- you can, but that's not the PS causing the spike -- it's the load. A voltage-regulated PS has a bunch of voltage deviations -- noise, drift, min/max -- a properly designed PS won't source outside of the values in its data sheet, or it's called "broken."
No black magic here.