The "No Joy" call (and its opposite, "Tally-Ho") came into aviation use during the Battle of Britain in WWII, by British fighter pilots. The British were the first to develop and use ground-based radar and controllers to direct fighter intercepts, with ground controlllers radioing headings and altitudes to fighter squadrons to direct them to enemy aircraft formations for interception. The calls of "No Joy" and "Tally-Ho" were taken from English fox hunting jargon (mounted on horseback), meaning, respectively, "I have not sighted my quarry" and "I have sighted my quarry and am pursuing." Since this was the first use of radar identification and vectoring of aircraft, the terminology was adapted as a de-facto standard throughout the western world. It remains in common use today, even in the civilian aviation world, as it is a succinct method for conveying to a controller whether or not you have sighted the traffic they have called out to you. I use both terms as a SOP.
I am a long-time pilot, aircraft owner and former FAA ATCS, as well as an aviation history buff.