It IS a preferable euphemism.
It’s from a term used aboard ships. If the sailor was below deck and had to throw up or take a dump he used a bucket. When they dumped the bucket overboard or out a porthole they yelled “Watch under” and that was shortened to chunder.
I heard it on an episode of “Turn” a few weeks back and went looking.
chunder bucket
It IS a preferable euphemism.
*****
However preferable, it does lack the alliteration of the crude colloquialism. ;-)