Grapploct's "Octolock" attack says its effect can't be applied more than once. What does that mean?
It means that if the Defending Pokemon is already under the effect of Octolock you cannot do it again for an additional {C}{C} cost. In other words, it does not stack.
Source: Sword & Shield FAQ (2020-01-24), TPCi Rules Team (2020-02-06)

Relevant cards

Note: All applicable cards may not be listed below.
SWSH1_113
SWSH1_113