Several problems
Elevators fall upward. If everything were to fail it would go up because the counterbalance weighs more than the car up to the max weight.
Elevators have brakes
If they move past the speed the motor can handle, the brakes engage
Elevators are on a track that has friction greater than 0. Even if all the aforementioned things failed and the cable somehow was severed, the elevator wouldn’t be able to reach freefall speed, so the water would always be able to hit the bottom of the car.
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