There are two major advantages to shaping water bottles with bubble ends. First, they are mostly manufactured by a blow-molding process. Blow-molding, as the name suggests, produces bubbles much easier than square corners. Second, it is a stronger shape against internal pressure. Your fizzy drink is contained safer.
Bottles aside, most things are “aerodynamic” because that’s what happens when something grows out from a point. Hard edges aren’t natural, except in some very specific circumstances (crystals mostly). If something grows gradually, it’s more “energy efficient” to be rounded and bulbous (least surface area per volume). And nature follows the principles of least effort.
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