There are a few things that get lumped into "Phantom Braking":
1) When operating in TACC or TACC+Autosteer (Autopilot), the car panics and slows down fairly rapidly out of a belief that there's an obstacle ahead. This appears to be due to overly sensitive code, likely in response to the crash into a semi across the highway a few years ago - difficult to differentiate when it's just a broad flat obstacle, not well detected by radar. It often happens near overpasses or under road signs where a combination of shadows and the horizon causes enough uncertainty in the AP neural net to decide if there's something real there. In my experience, this is very specific, so some people get it frequently in a certain spot on their daily commute, and others rarely see it. I have only had this happen maybe 8-10 times in 18k miles but it is definitely real. You can touch the gas and speed back up normally. Recently, the car gets "nervous" after this happens and refuses to return to your set speed for some time - not sure if that's intentional or a bug but it'll hum along at 50MPH even though it's set to 75 and there's nothing around you. You can disengage and re-engage to get it back to normal.
2) When operating in TACC or TACC+Autosteer, the car decides that speed limit is lower, and so the cruise set speed drops suddenly and the car slows down for seemingly no reason. This should get better as they build up their database with real, visually spotted speed limit signs rather than the fairly hit-or-miss database they used to use. You can tell when this happens because your TACC set speed changes. There are a few stretches of road where this happens consistently for me and it's annoying, although I'm pretty sure it got better in the last few releases.
3) Regardless of TACC, the car detects an imminent collision and triggers Automatic Emergency Braking. This is violent, maximum deceleration with full brakes. It will come to a complete stop unless you really try hard to override it. I've had this happen once or twice on city streets when it thinks a pedestrian is about to walk into the street for example.