Pretty strange that such an error is still not fixed, isn't it?
The problem gets steadily worse the more players are in the instance.
They put a workaround in fairly early on to try to mitigate it - which is why in a single-player instance or even one with just a few players, the SRV can now fall several hundred metres at high speed and take no/minimal damage if it lands on its wheels - but I suspect the underlying issue is basically the "big instances get weird" problem which has always been there.
You've got twenty/forty/eighty clients all with their own opinion of what the instance looks like, all constantly sending updates to each other to try to keep those opinions at least somewhat in sync, with a variety of network connection qualities and point-to-point latencies of significant fractions of a second, and trying (and often failing) to maintain 60FPS rendering and sim updates along with that. Incorrect calculations of exactly where the ground is and how hard you just hit it are pretty much inevitable at that point.
The impressive thing is that things nevertheless sometimes keep enough in sync that you can have a 40-person meetup at all. Fixing the issue would probably require placing a much lower hard cap on the size of an instance, and a much lower hard cap on the maximum latency between two instance members, and then we'd be back to 2.0ish instancing where getting an entire wing into the same instance could be horribly unreliable.
A few more generations of intercontinental cable upgrades, and a substantial rollout of end-to-end optical fibre home internet, and this bug might go away.