Combating voltage drop on low voltage distance sensor
This module does not work by itself, it needs external components around it like a resistor to set LED current and bypass capacitors. How you have mounted the module, is it on ready-made PCB?

The module will draw 70mA current pulses when operating, do you know if you have 70mA available? Do you know if drawing 70mA pulses from the existing 3V3 supply will upset the supply regulator?

Long wires will have resistive voltage drop but also inductance might be a problem due to the pulsed current, which is why you should have the suggested bypass capacitors at the distance sensor pins. Perhaps add a larger bulk capacitor as well, even a 100uF capacitor would not be overkill.