If there was a squib in barrel, the pellet would still move forward a bit and not just sit there.
I think you have a tear in the air piston seal and air is escaping within the power piston chamber and not going out the air hole to the pellet.
All springers have been known every once in awhile to have a burr within the air chamber at the area where the air tube is welded, that when one cocks the barrel will slice that piston seal to make the airgun useless. It happens. Only problem is, one needs to purchase a rebuild kit to overhaul and then find that burr, regrease/oil the system.
Trust me, those compression springs use lots of poundage to work, so safety is needed to not hurt oneself when compressing to remove the "cross-pin" from the rear of the receiver to remove the pin, then re-install pin after fixing.
You need to do a tear down, since you can't return to store. In this instance you NEED a piston spring compressor to help with disassembly/assembly to hold that spring in a safe manner.
Airgun spring compressors cost around $100 +/- a few bucks to get a nicely made model, but there is some Utube vids online where you can build one that will still work well.
If your airgun uses an air-ram system, I'm unsure how those work as it's a self contained system and I haven't worked on those.