Squashed or Crushed text effect

Type your text

Convert to smart object

Apply filter > Distorsion > Dispersion > Use footprint as reference image

10px/10px (may vary)

result

text is still editable via smart object…

I think there are different directions the foot could be shown coming from.  Is it a frontal pic where you see a foot coming down from the top.  Or is a over view where the foot is coming from the top?  That would determine the effect you need.

A few more ideas…

1. Convert your content into a Smart Object and apply the Puppet Warp feature from the Edit menu.
2. From the Type menu choose Convert to Shape. Then use vector manipulation tools such as the Direct Selection Tool to move around the anchor points.

Try Text Warp or put the text in a smart object and use Transform Warp

Dave

Layers can be blended together and layer style effects added to layers.  Play around and see what you can come up with blending your foot stepping layers and text layers with added layers styles effects.  See if you can come up with something that looks good to you. Your the judge there.