This is a fake soft body simulation made by Niagara.
You can see how it looks like in my Twitter posts below.
Even though it's 'fake', it looks pretty well I think.
More importantly, It's very easy to implement and any static mesh can be applied as long as its uv doesn't have overlap.
Check out my article explaining the mechanism of this.
Here is the list of the data in this package:
・Niagara Emitter × 1
・Niagara System × 1
・Material × 2
・Static Mesh × 1
・Render Target × 1
・Level × 1
You'll get a zip file. Once you download it, unzip it and place the `FakeSoftbody` folder directly under `Content` folder of your any UE5.2 project. Then you can find `SampleMap` to check the fake soft body sample when launching your project. If you have any trouble to open this in your UE project or you need one for other version of UE, feel free to contact me.