No confirmed source is attached to this clip, so its life is mainly online as a reaction sound passed between meme edits and soundboards. The phrase works because it can be literal, for an actual hole widening on camera, or figurative, for debt, lies, damage and embarrassing situations getting worse by the second. That flexibility helped it sit comfortably alongside other short reaction clips in compilations, gaming videos and comment style edits, where the joke depends less on context and more on timing the repeat to a visual payoff.