Definition
Impression share is the percentage of eligible impressions your ads actually received. Google splits the shortfall into impression share lost to budget and lost to rank.
MegaMCP glossary32 terms
Explained
Lost to budget means your budget ran out; lost to rank means your ad rank (bid, quality and context) wasn't high enough. They call for opposite fixes: more budget versus better ads, landing pages or bids.
MegaMCP's pacing flags a Google Ads campaign as limited by budget when its search impression share lost to budget is 10% or more.