Yes, I just found out that is definitely the camera retraction that is causing the popping sound. After the camera retracts, I can even touch the front and as soon as I touch the screen the back "pops" again.
I will return it but I will not exchange it. If ASUS can let a phone with these quality problems leave their factory I don't have a lot of trust that the new unit will not have the same problem. Especially because there are so many reports of the similar issues on youtube, reviews sites, other forums. There are a lot of people with these problems.
This is my first non Samsung phone ever. I did a lot of research before making a purchase decision and I really want to love this phone but feel very disappointed in ASUS lack of quality.