It's funny how a word can have so many connotations, while also leading back to another word with just as many: instability. This could likely go on for ever but let's stop here.
There's even irony in doing that. By declaring a stopping point, or a point at which we chose to 'bottom out', we then have a reference point from which to build. Without a reference point we are by many definitions going to feel unstable.
Mental, emotional and physical instability can all suggest something 'bad' or not as fixed to an assigned reference norm or object as expected. It's the expectation that creates the 'bottom' from which we can evaluate stability.
Where it gets interesting is with snow and water where we get both. Bottomlessness creates instability in both cases. State of mind, however, and physical familiarity shifts what could be something very bad to something truly sublime.