The phrase has long been a staple of stealth games, where guard characters say a version of it after losing sight of the player, and that trope is exactly what the clip riffs on. Short voice memes like this spread on soundboards and in edited videos because the line works without any setup or context. People drop it over gameplay, security camera footage and reaction edits whenever someone chooses to ignore what they just saw, and its deadpan delivery keeps it reusable across very different jokes.
About this sound
A short voice line saying must have been my imagination, used as a meme sound effect when someone spots something odd then instantly dismisses it.
This is a deadpan male voice line delivered in under two seconds, with a calm, slightly puzzled tone as if the speaker just talked himself out of believing his own eyes. There is no music or extra noise, just the flat dismissal hanging in the air. That contrast is what makes it funny, because something clearly did happen and everyone watching knows it. Creators use the clip as a punchline for denial, letting the line do the pretending while the visual tells the truth, which makes awkward sightings and obvious mistakes feel instantly more comedic.