Yes, I have seen and experienced this a couple months ago. The clutch plate is not gripping the pulley. Had this happen a few months ago on a Denso compressor on my 91 Ford Crown Vic. The clutch plate was not gripping the face of the pulley and was slipping making that same noise. I fixed that by getting a clutch and pulley from another denso compressor that was on an 89 Lincoln Town Car that was in a salvage yard. Everything has been good ever since.
To rule out the compressor, turn the engine off , turn the key on for power to the accessories, then, with a gloved hand just turn the clutch, rotating the compressor. If it turns freely, the compressor is not locked. Then only thing left is the clutch plate losing it's grip.
Also, as someone stated remove the belt and spin the pulley to make sure that is rolling free.