I did a search and there appears to be a similar issue in the minecraft bedrock edition. For reference, that ticket is MCPE-54645. I am reporting the same problem in the Java edition, version 1.16.1.  This issue has not been reported yet in the java edition, and it did not appear to be present in minecraft Java edition 1.15.2. It only started with version 1.16, the netherworld update.

These are the symptoms
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The view bobbing makes the entire world sway on an exxagerated tilt, akin to what it would look like if your character were completely drunk when walking. This affects both first person and third person views, and occurs both while walking and while running. The horizontal axis and vertical axis sway out of sync with one another, which tilts the world on a slant. It's kind of like what you would expect to see from the perspective of a bobble head doll, with its head swinging wildly back and forth when it moves.

--I have a world previously generated from minecraft version 1.15.2. The view bobbing issue was not present when I created the world, but it did become a problem when I updated to version 1.16 and remains in version 1.161. I also created a brand new world yesterday, on version 1.16.1 and as expected the issue was also present.

It's rather difficult to explain the issue any better than I have, but the documentation on the bedrock edition ticket should provide supplemental information.