The most common and most likely answer to this crossword clue is the 7 letter word DIMPLED
I've seen this crossword clue in Financial Times
D
I
M
P
L
E
D
Buddy explains!

The straight part
We know that "slightly depressed" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case slightly depressed = dimpled.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DIMPLED mean?
DIMPLED verb- To create a dimple in.
- To create a dimple in one's face by smiling.
- To form dimples; to sink into depressions or little inequalities.
- Having dimples