Some fans have quite some jumps in the current consumptions. This is not so much back EMF, but more like PWM like switching of a brush-less motor. If they save a penny on fast diodes this can include spikes from reverse recovery. At least you can expect the current to go down to nearly 0 (e.g. 1 mA for the control circuit) at some times. Some fans also have extra capacitance to ease on the variable current - but an additional low ESR capacitance may have a negative effect on load regulation. If the fan includes speed regulation, it may even have an effective negative load impedance as it would need more current at lower voltage. A good supply should still be stable, as the input side of switched mode regulators can behave similar.
So the fan is actually a difficult load to a power supply and thus a good test. However the interesting part would be looking at the output with a scope.