Sounds like this come from the long tradition of cartoon Foley, where animators used springy boings and wobbles to sell soft, exaggerated motion. Short jiggle effects became staples of online soundboards and meme editing because they work without words and fit almost any silly visual gag. This particular clip is credited to TheKeyMom and circulates as a quick reaction drop, popular for its very short length that lets editors stack it repeatedly or layer it into fast-cut comedy videos.
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Jiggly Butt is a short silly wobble sound effect by TheKeyMom used in funny edits and memes for slapping, jiggling or cartoon butt gags.
This is a brief, bouncy wobble effect that lasts less than a second and sounds like something soft jiggling back and forth. It has a springy, rubbery tone with a quick up-and-down pitch that instantly reads as cartoonish and cheeky. Played on its own it is pure slapstick, and when paired with movement on screen it makes a simple action feel exaggerated and silly. Viewers hear it and immediately get the joke without needing any dialogue or context.