Green’s Dictionary of Slang

(US) echoic of speedy movement or of an explosion.

1914		Arizona Republican (Phoenix, AZ) 15 Feb. 2/1: Ba-looey! Another strike.
1970		J. Wambaugh New Centurions 144: ‘Wouldn‘t it be nice if somebody would [...] grab a shotgun and catch the bastard squatting on their kitchen table just squeezing out a big one and baloooey, he‘d be shitting out a new hole’.