Oh absolutely, I've been watching this same clown show play out across multiple accounts. Newer ones or anything that's had a recent tweak - clicks look all healthy and smug, CTR pretending everything's fine, then you peek at actual on-site behaviour and bounce rates are through the roof. Something is very, very broken.
Usually it's one of two villains. Broad match has gone full rogue - Google serves your ad for search terms that technically match, but the intent is so misaligned it's almost impressive. Someone clicks, realises your page isn't their dream destination, and bounces. You still pay, obviously.
Or it's Performance Max, which is basically a junk click factory. It finds cheap traffic from random display placements and mobile games where people accidentally tap while trying to skip an ad. Volume looks fab. Actual humans with wallets? Not so much.
Quick sanity check: open GA4 and stare at average engagement time for paid traffic. If you're seeing a mountain of clicks with under three seconds on site, that's not intent. That's digital landfill.
What campaign type are you running - Search, PMax, display? That'll help sniff out exactly where the rot is.