I'm wondering how can I achieve such an effect in Illustrator or Photoshop. I think that part of the trick is to place text on arc, but then you also need to give it a little bit of perspective, like the text is coming from afar, and it kind of rotated a little bit. Sample below.
There are several ways. This one is for Illustrator.
Type some text, and select it
Click Object > Envelope > Make with Mesh
Set the Mesh options to 1 row, and 1 column
Then with the Direct Selection tool, edit the anchors and curves to bend the text as required.
You can even go a bit crazy with the curves!