You can create this look in editors like Photoshop or GIMP using distortion tools rather than a specific camera effect.

A common method is:

• Use a warp/distortion tool such as Photoshop’s Liquify.
• Brush through the part of the image you want to distort with semi-random strokes to create the wavy stretching.
• For the colored edge effect, apply the distortion separately to different color channels with slightly different settings or offsets. That creates the orange/blue fringing seen in similar edits.

So the core technique is localized warping plus slight channel separation. Many mobile apps may offer similar filters, but based on the answers, Photoshop Liquify or GIMP distortion tools are the clearest ways to reproduce it manually and with more control.