Omphaloskepsis

Definitions:

Princeton says:

(literally, the contemplation of one's navel, which is an idiom usually meaning complacent self-absorption)

Webster says:

contemplation of one's navel as an aid to meditation

My input: 

I think the definition of navel-gazing helps here.

useless or excessive self-contemplation

Wikipedia's article on the word is also useful for more info about this word. " It is well known in the usually jocular phrase directed towards egotism and self-absorbed pursuits: "contemplating one's navel" or "navel-gazers". This criticism is also often leveled at professions which are interested in themselves: movies about Hollywood, for example, or television shows about television writers...  it [also] refers to... concentration on a single issue."

Pronunciation: Om as in om nom nom, or on, with an m instead of an n. Pha has that same uh sound that I can never figure out what other words have in it. :( I have to figure that out. Lo as in low, fellow, bellow. Skep as in skeptic (sceptic). Sis as in sister. 

Webster audio

Synonyms: 

navel-gazing