metal bushings use up their impregnated oil after awhile. When the pulley is turning under load, it heats up the bushing. This will cause the very tiny amount of oil to eventually evaporate, hence the squeaking (there is a reason sealed bearing pulleys are superior).
Very common, nothing to worry about, eventually happens to EVERY bushing equipped pulley. Oil impregnated bushings are not some magical device that needs no maintenance......eventually they need to be relubed... Just dissasemble, clean the bushing with brake cleaner, and relubricate every so often. takes 5 minutes. not a big deal at all, no maching or replacement required. I have two bushing rescue pulleys, they get stripped 2 times a month and relubed, good as new.
using a full synthetic grease (TRIFLOW, REDLINE, AERONAUT or synthetic oil will prolong the maintenance regime. If you really want to lubricate the bushing, use MILITEC.