It’s a weird gen Z thing. The original point of the “no one” meme was to make jokes about people responding to things nobody has ever said. Subverting the punchline is a way to increase humor because it’s not expected. Misusing the meme phrase entirely sets you up to think the meme is going in a direction you’re familiar with only to be a completely different meme, thus increasing the humor. However the “no one” meme has been used this way so often that misusing it became the default use of it instead. Now the humor from it comes from the opposite, in that it’s basically a universal buildup that works for any joke. More or less it’s a beat phrase that sets up a brief moment of suspense for the punchline, similar to how comics will have dialogueless beat panels to increase the humor of the punchline.
Gen Z grew up with this kind of humor, which is why they think it’s so much funnier than older people do. Equally, gen alpha will likely have completely different humor gen Z doesn’t understand.