The pop appears to be an analog audio circuit powering up. Apple has apparently muted the internal speakers so that the pop is not heard through them. However, headphones or external speakers will pop loudly. When mine wakes from sleep, I get a flash of a blue screen, as the screen goes dark again, I get the pop.
This is probably not broken hardware. Maybe it can be fixed with firmware, maybe not. One way to minimize it is to run the Mac's audio volume all the way up during normal use and set the external speaker's volume control for the desired volume. This minimized the audio gain downstream from the source of the pop.
- gws