To this USn ear squibs sound like they're already damp. Another Briticism that just doesn't sound right.

Eta, you've heard squib in the wild here in the US&A?

Jackie, damp squib is a firework that fizzles instead of banging. It is used metaphorically to mean something that doesn't pan out the way you'd expect it to.

One of the things I liked about the article was the folk etymology given for "given up the goat."