I believe it was an exclamation by a reporter during the Hindenburg disaster.

That was a radio reporter witnessing the flaming crash of the Hindenburg, a dirigible aircraft (zeppelin), causing terrible loss of life. I think it was arriving in New York City from Europe.

Am I close?

The Hindenburg catching on fire and crashing?

I am always saying about these online so called "Dr's" and "professors" and other self proclaimed educated, intellectual phonies who Google and paste everything they say to put on an illusion of being smart. I would rather rely on my retained knowledge and be wrong than Google everything before I post.
That being said, I will admit that I never understood what was the context to what the announcer was saying during the Hindenburg disaster. I can only assume he was emotional and meant to describe the great and immediate loss of human life.

I agree with those who refer to the Hindenburg.

But the phrase has been parodied many times since. I can imagine that some people do not know where the original comes from.

If the Hindenburg had been full of dogs, the reporter would have said “oh, the caninity!”

A vague recognition of the human condition.