Speaking as an ex-tire monkey, there are only a few things that will cause a visible wobble.
1. Loose lug nuts. This should also cause an audible clunking as the wheel wobbles loose on the hub.
2. Wheel not seated flat. This can be caused by dirt, a rock, or other debris on the mounting surfaces when it was put on the truck. It can also happen with a really tight hub centric wheel, but will turn into lose lug nuts pretty quickly if driven much.
3. Bent wheel. If the wheel ever suffered an impact, either lateral or from a really hard bump when aired down, it could be bent.
4. Separating tire. This is when the steel belts in the tire start breaking, causing a bulge in the tread surface. This can be caused by a severe impact, someone plugging or patching a hole that is too big, or a defect in the tire. With this condition you should notice a wobble in the vehicle at low speed and vibration at higher speed.
Another possibility is there was some dirt on part of the sidewall, causing an optical illusion. I've noticed that before behind other vehicles.
Hope that helps.
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