Glossary
Aim punch
In one line: When you get hit, your crosshair jolts and your next shots miss.
What it means
In VALORANT, when you take a hit your crosshair gets knocked for a moment. That is aim punch. It does not last long, but it is enough to make you miss the shot you would have landed.
Armor reduces the effect, which is one reason duels you thought you had get lost without armor. It is also why shooting first matters so much: whoever gets hit first shoots worse. The fix is not "aim better afterwards" but not getting hit first: good angles, peeks at the right time, information before you expose yourself.
An example
You are on an eco with no armor and peek someone holding a Vandal. They hit your body first: your crosshair jumps and your two shots go over their head. With armor the same duel would have been much closer.