The effect itself is basically similar to the Magic Eye stereograms (https://en.wikipedia.org/wiki/Magic_Eye) which by themselves are pretty neat; your brain can rapidly detect subtle offsets in random patterns to reconstruct depth cues. In the case of “spot the differences”, the shimmering is due to the irreconcilable disparity between left and right images, which manifests visually as a glaringly obvious “unphysical” apparition - e.g. flickering between the left/right images, or appearing to be out-of-plane with the rest of the picture.