It wasn’t a movie but instead a sketch comedy series on Hulu last year. I didn’t think it was very good.

Ya gotta give the Sharknado franchise credit for steering into the skid with bad sequel titles.
How did they miss…
Sharkando 17: Sunday in the Shark with George
Sicario: Day of the Soldado because it’s not a sequel, although you might watch it wondering how the timeline connects. It’s a Groundhog Day movie. The first Sicario movie never happened: this is as if a different strategy was used to disrupt the cartels’ balance of power.
On a similar note to OP, when Revelations or Retribution is used as a movie title. Hell every single Resident Evil movie has a terrible sequel title especially since they’re not numbered so I have no idea what order Retribution, Revelations, Extinction, Apocalypse, or Afterlife or afterlife are in. At the very least they gave us the common decency of naming the last one “The Final Chapter”.

Is it a phantom-y menace, or a literal menacing phantom, or an illusionary menace? Even after having watched the film (many years on now) I still have no idea.
The phantom menace is the illusory political crisis between Naboo and the Trade Federation that Palpatine engineered in order to make Chancellor Valorum’s government collapse so that he could take power himself.
It is admittedly rather cryptic and only really makes sense after you watch the entire trilogy. I didn’t figure it out myself until I heard some pundit or another refer to one of Fox News’ panics du jour as a phantom menace.