After being beaten in a minigame, or joining a server mid-game, you enter spectator mode. In this state you get to watch the players continue the game until the end.
Not many know there are actually two spectator modes, which can be toggled between by double tapping the Interact key, which is bound to the left mouse button by default.
Spectator Modes
Spectator TV
Spectator TV attempts to automatically follow the action in cinematic fashion, and is custom fitted for each minigame. The camera in this mode is shared between all spectators, so any commentary on the viewed gameplay will make sense for everyone who's viewing this mode, which is usually the majority of spectators.
Freecam
Freecam allows you to freely look around in 3d space without collision.