It just implies code collected into a bundle. Whether it's compiled into binary or not, is open.
There are lots of environments where the package manager just brings "code to be compiled", sometimes as an optional feature, other times as the preferred or only mode. Gentoo, Arch, FreeBSD Ports are classic examples of "source first" approaches. IIRC that was the case for Python packages that needed binary (e.g. C) dependencies: they were downloaded as dependencies and compiled locally, until the introduction of "wheels" (pre-built).
either as the prefered more, or as the only mode. MacPorts
