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Then, the message was wrong. It gets auto refunded and not sent to the inventory.
Only gifts you have in your inventory will return to your inventory if declined. Game gifts sent directly from a Store purchase are auto refunded when declined.
You should see that in your purchase history...
https://help.steampowered.com/en/wizard/HelpWithPurchase
https://steamcommunity.com/games/593110/announcements/detail/1301948399254001159
You can buy a key elsewhere and store that to give to your friend.
Personally, Ive got pages of unused keys on Humble. Copy key, paste in chat, "game, enjoy".