And in fact if one considers witness testimony, that's what it seems to be.
In light of that, what is puzzling is that although most of the Americas is populated by humans who have carried portable video cameras in their pockets for over a decade, we do not see any visual evidence of such public phenomena. The reported sightings are nearly exclusively from pilots (but never smartphone-carrying passengers) and the military.
[1] https://en.wikipedia.org/wiki/1952_Washington,_D.C.,_UFO_inc...
[2] https://en.wikipedia.org/wiki/2006_O%27Hare_International_Ai...
However, it does have instances where the images it produces are well below what I can see. I assume there's a large amount of AI clean-up going on that makes it do odd things when presented with odd inputs.
Here’s an experiment for you to try out. The next time you see a regular airplane up in the sky, pull out your phone and click a picture of it.
You’ll discover a couple of things very quickly. First, most of us do not walk around looking up at the sky. Second, 35k feet up in the air is really really far - at a bit over 6 miles away (in the best case when it is directly overhead and is closest to you), things look tiny on your phone. If you try to magnify even 10x using a phone that’s able to, you’ll discover how impossibly hard it is to track a moving object with 10x magnification.
Once you do this experiment, you can reconsider how likely that a UFO will be photographed by a person with a smartphone.