After being beaten in a minigame you enter spectator mode. In this state you get to watch the remaining players continue the game until the end.
Not many know there are actually two spectator modes, which can be toggled between by quickly double tapping the Interact key, which is bound to the left mouse button by default.
Spectator TV
Spectator TV tries to automatically follow the action.
Freecam
Freecam allows you to freely look around in 3d space without collision.