I think the general consensus is that the internal crash structure is solid, and the outer shell is flexing. The the fact the nose cone is the thing that pivots (moreso than the lower wing itself) might make it legal somehow…but don’t quote me on that. That gif makes it look like rubber, or some sort of really pliable material…
There’s a pretty good discussion about it I’ve been reading here:
Something as odd as this is certainly intriguing seeing as Red Bull have found a sudden advance in performance in the last few races.