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Since this is an iterative function, you are not looking at a value y that is a result of a function of x. But like they said in the article, it is more representative of timeseries data where we are only looking at the progression of x. However each value of x at an iteration i is not a function of i, but is based on the value of the x that came before it (x(x1). So even though they did not label the "xaxis", it is really just a sequential progression of calculating the next value of x. So really, the "yaxis" is really the value of x calculated, and the "xaxis" is just the next iteration of calculating x.