Remote photoplethysmography (rPPG) imaging is an optical technique to remotely assess the local cutaneous microcirculation. Despite its potential for enabling health-related applications, the current understanding of the outcome images/maps remains incomplete. In this paper, we present a model and supporting experiments confirming the contribution of skin inhomogeneity to the morphology of PPG waveforms. Since rPPG imagers rely on the complex inner-product operator and may combine multiple wavelengths, the derived phase measurements reflect morphological heterogeneity of PPG signals to a larger extent than propagation-related phase differences. The influence of light penetration depth on PPG was observed and modeled on the green and red wavelengths at the hand region. We further show how our work contributes to understanding reproducibility issues in recent papers on pulse wave velocity (PWV) estimation.