If you've started angling your face away from the camera, or reaching for concealer before coffee, you are not imagining it and you are not doing anything wrong.
After 45, four things change at once: the ring of muscle around the eye loses tone, the fat pad underneath thins, collagen drops fast through menopause, and drainage slows so fluid pools overnight. Most products touch one of those at best, and only from the surface.
Here is what the five most common fixes cost, and what you actually get for the money: