I don’t know if this was the intentional symbolism of the artist who created the crucifix in question, but I always thought of it as bending under the weight of our sin.
As for declaring it satanic, I have noticed one thing that all the people who do that have in common - that while they can point to the papal crucifix and call it satanic, they can never, no matter how many times you ask, produce a satanic crucifix that is similarly bent.
Likewise, with the upside down cross on the pope’s chair (upside down because that is the way Peter was crucified), they can show you a picture of that chair and they can call it satanic, but they can never produce a satanist using an upside down cross to demean Christianity. An upside down crucifix? Of course, but not a plain cross. If you ever find yourself talking to a satanist, ask about it - they’ll laugh at the idea that an upside down cross means anything to them.