The sound comes from Bellboy Donald, a Donald Duck cartoon released in December 1942, where the character works as a hotel bellboy and gets caught in a series of slapstick mishaps. The brief stretch, pop and junk noise fits that style of physical comedy, and it was later catalogued as a Hollywood Edge library effect under the title Slow Stretch Sudden Rip Crash Windup. Editors still reach for it because vintage cartoon effects read instantly, even in a clip lasting less than half a second.