Tsunami in a Bottle

It does the same job as the Cloud in a Bottle with a taller second hop, and you fish it out of the most basic crates rather than digging into a chasm or trekking to the ice biome for a chest. If you have bait and a decent pond you can have one before you have properly explored. That accessibility is the argument for it, not the height.

The extra jump wipes your fall speed, so firing it just before you hit the ground cancels the damage entirely. That makes it a safety net while you are digging straight down, not only a movement tool. It also does not compete with the other bottles: every one of them stacks, so collecting the full set gives you a whole ladder of jumps. Pair it with a balloon and the total height climbs again.

It is the only bottle accessory that refuses a Shiny Red Balloon. It wants the Balloon Pufferfish instead, and the result is named after the fish rather than following the pattern the rest of the bottles use. Combine it with a horseshoe and the naming goes back to normal.