This clip is generally used online as a simple impact sound rather than a quote tied to one famous character or scene. Its appeal comes from how quick and readable it is: one woody smack that instantly sells a joke, a bonk or a hard cut. Sounds like this spread through short-form meme edits, gaming montages and reposted reaction videos because they are easy to drop over visual hits. It is still common because it adds emphasis without taking over the whole joke.