Most adjustable selfie sticks probably use the same mechanism often used in telescope tripod legs (aka telescopic pole). Basically it is two hollow tubes one smaller than other, that fits snuggly in the other tube. You then have usually have a ring at the join that allows you to tighten a element that closes the gap to stop the items sliding, though other locking types also exist.
Not being one standardized part many different form factors may exist. Some which undobtedly depart from the design presented above. One could easily use a similar mechanism to that of a collapsible umbrella to similar effect by having multiple notches. Combinations are endless.