My sense would have been of a circle gone wrong.
It is used in a very humorous sense here.
Actually, I hadn't heard it especially (though I knew what it meant) until a particular staff member came to work with us a few years ago.
Prior to that I would have used a less dainty term.
But - I do not think of pears as "sagging", but as extremely aesthetically pleasing shapes in themselves. I often draw them.
Fabulous, aren't they????
I find the aerobatics vocabulary explanation pretty persuasive - flying folk have a very rich vocabulary of terms.