No. The word is вибачте from the verb вибачити, "to excuse/forgive," not "ви бачте." It's conjugated as second-person formal imperative because you're requesting the other person to "excuse/forgive me." The "мене" ("me") in вибачте [мене] is understood and omitted. It feels inefficient and clunky to leave it in. A direct literal translation is "watch out," but this is not a correct translation, since "watch out" is impolite in English and is used for a different purpose.
Ви бачите means "you see/you're seeing" in Ukrainian, from the verb бачити "to see."