Hello Sandy . . .
It could be that she's trying to dislodge an irritant in her gills, such as a chunk of food, a piece of string algae or even gill flukes.
A 2nd possibility would be swim bladder issues. If there's fluid build-up in the bladder(s), they'll gulp air to try and re-inflate them. In which case, she would probably spend a lot of time bottom-sitting, too.
Finally, some koi just seem to like to gulp air and blow bubble streams as they cruise the pond. Think of it in the same class as us cracking our knuckles.
